BILLIONAIRE James Benamore has made a £1.1million offer to take over the Camp Bestival festival, the Daily Echo can reveal.

It was reported earlier this week that Mr Benamor’s business the Richmond Group had filed court papers seeking to put the companies behind the popular music event into administration.

The Richmond Group had loaned the organisers £1.6m February and had taken a charge on some of their assets.

A statement from the Bournemouth-based Richmond Group said: "Richmond Group has today made an offer of £1.1m to purchase the brand and assets of Bestival Group, with the intention of running the successful Camp Bestival going forward.”

It quoted Mr Benamor, the group’s chief executive, as saying: “We have been fans and supporters of Bestival since the beginning.

“Our children have grown up with wonderful memories of these festivals. Bestival is an example of Dorset being world class and we are keen to ensure that this fantastic institution goes on to delight families and local businesses, for many years to come.”

It said all Camp Bestival 2019 tickets sold so far would be honoured.

The company did not clarify whether the pledge to continue the family Camp Bestival event also applied to the main Bestival.

Mr Benamor, 41, founded the sub-prime loan company Amigo Loans and is Dorset’s richest man according to the Sunday Times Rich List.

The former Poole Grammar pupil has previously appeared on Channel 4’s series The Secret Millionaire. He was reported to have become a billionaire when Amigo Holdings was floated on the stock exchange and he was among the bosses selling shares.

The Times estimated his paper and cash fortune at £1.1billion, nearly triple the previous £380m estimate.

Bestival was started in 2004 by the DJ Rob Gorham – aka Rob da Bank – and his wife Josie and was held on the Isle of Wight until it moved to Lulworth Castle last year. This year’s performers included Mark Ronson, Grace Jones and London Grammar.

Camp Bestival, described as the event’s “little sister”, is a family-friendly offshoot which has been based at Lulworth since its beginnings in 2008.

This year’s event finished early because of heavy rain and strong winds.

The event’s website was last updated on Sunday, when it said: “We can confirm the Bestival Group has had some financial challenges of late but the process we are in allows a new partner to come on board with the financial commitments required to deliver Camp Bestival 2019 in its finest form. As we stand currently, there is every intention to make this show happen, and move forward into a new era.”