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Wednesday, October 31, 2012

Benicassim 2013 set to go ahead after administrators called in

Spain's Benicassim festival is set to go ahead, despite administrators being called in for its parent company last month.

Shares were suspended in September after poor ticket sales contributed to Vince Power's Music Festivals group going into administration.

Now NME reports that Power has bought the event back from administrators, and is reported to be "delighted" with the new deal.

The Music Festivals company was worth just £310,000 at the time of its collapse, after Benicassim was less profitable than in recent years and the Hop Farm festival, also run by the group, proved to be loss-making.

Power attempted to save Music Festivals PLC by investing with a £750,000 unsecured loan in July, but it wasn't enough to save the company.

The live music impresario complained this summer that the BBC funding of Radio 1 Hackney Weekend was "unfair", saying: "If the BBC is giving something out for free, then we can't's really pissed me off."

Benacissim 2013 will take place from July 18 to July 21.
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