Richmond Group Offers £1.1MM to Save Bestival from Bankruptcy

Bestival ain’t over but!  According to a particulars simply shared with Digital Music News, a late-stage supply might rescue the competition from chapter.

Just a couple of days in the past, we discovered that Bestival Group had succumbed to critical monetary points.  The information was clearly dangerous for anybody attending the mainline Bestival or extra family-friendly Camp Bestival occasions.

Ultimately, the competition group confirmed the dangerous information: “We can verify the Bestival Group has had some monetary challenges of late however the course of we’re in permits a brand new associate to come back on board with the monetary commitments required to ship Camp Bestival 2019 in its best kind,” the group shared.

“As we stand at present, there’s each intention to make this present occur, and transfer ahead into a brand new period.”

The group’s Camp Bestival occasion was battered by horrible climate in July, and compelled to close down.  But that was only one misadventure that pushed the corporate to the brink of chapter.

But the competition’s hopeful outlook might show appropriate, with a bailout supply now rising.

The distressed purchaser may very well be creditor Richmond Group, which supplied this assertion to Digital Music News this morning.

“Richmond Group has immediately made a proposal of £1.1m to buy the model and property of Bestival Group, with the intention of operating the profitable Camp Bestival going ahead.  Under this supply, all Camp Bestival 2019 tickets bought to date can be honoured.”

“We have been followers and supporters of Bestival for the reason that starting,” Richmond Group CEO and Dorset-based entrepreneur James Benamor relayed.  “Our kids have grown up with great reminiscences of those festivals. Bestival is an instance of Dorset being world class and we’re eager to make sure that this incredible establishment goes on to please households and native companies, for a few years to come back.”

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Richmond Group had loaned Bestival cash earlier than the competition began having monetary woes.  Which means it’s in a first-rate place to make a low-cost acquisition of the model.

The £1.1 million interprets into roughly $1.45 million USD.

That may very well be excellent news for these hoping to attend a Bestival occasion in 2019, although it’s unclear what the following steps are.  Or, if the deal can be accepted.

But even higher information is that refunds for the disastrous July scenario could also be issued.  The firm has indicated refund course of will start after Bestival receives a “clear response” from “all brokers concerned,” which might embrace Richmond Group.

Bestival first bought began in 2004, based by Rob da Bank and staged at Isle of Wight.  The first occasion attracted 10,000 folks, a determine that shortly multiplied through the years.  In 2010, the occasion set a Guinness World Record for the biggest variety of folks in fancy gown, with greater than 55,000 folks donning premium apparel.