Bestival‘s future could be in jeopardy, with reports suggesting that the company behind the festival is being put into administration.
Rob Da Bank’s annual music event launched in 2004 and has welcomed the likes of The Cure, Massive Attack, Outkast and Florence & The Machine as headliners. Originally taking place in the Isle of Wight, the festival relocated to Dorset in 2017.
Now, it has been reported that administrators will be appointed to Bestival Group, Bestival Ltd, and Camp Bestival.
The Sunday Times claims that loans tycoon James Benamor has filed the administration notices at the High Court.
According to filings at Companies House, Richmond Group Debt Capital – privately owned by Benamor – extended a loan of up to £1.6m to the festival back in February of last year.
Benamor, who is from Bournemouth, became a billionaire through Amigo Loans in July. He set up the company, which is now the biggest provider of guarantor loans, at the age of 21.
It’s said that Amigo offers its staff free passes to Bestival each year.
These reports follow the cancellation of Camp Bestival’s final day earlier this year. Bestival’s family-orientated sister event was closed due to severe weather conditions in July. At the time, organisers promised to issue refunds “as quickly as possible”.
On September 12, the festival gave an update, which read: “Huge thanks for your patience on refund news for Camp Bestival… we anticipate being able to pay out very shortly. Thanks again for holding on for us… The bureaucratic process is almost complete. Love CAMP BESTIVAL.”
Bestival 2018 saw performances from the likes of London Grammar, M.I.A, Grace Jones and Plan B.
Meanwhile, it was announced in July that Bestival 2019 would be going cashless.
Originally published by NME.com on 24 September 2018. Source