CREDITORS of two companies which ran the Bestival and Camp Bestival music events could get a small amount of money once administrators have cleared up confusion over the paperwork.
Those owed money include music acts such as London Grammar and Plan B, who played Bestival in 2018, the year it ran into trouble.
Camp Bestival drew thousands of people to Lulworth Castle from its debut in 2008. It was a family-friendly offshoot of Bestival, which started on the Isle of Wight and moved to Lulworth in 2017.
Camp Bestival later re-started under a new owner and is due to return this year, while Bestival has yet to return.
Bestival Group Limited, the parent company that was behind the events until 2018, was dissolved last year – but administrators are still working to clear up the affairs of Bestival Limited and Camp Bestival Limited.
The businesses were all put into administration in 2018 by Richmond Group, controlled by Amigo Loans founder James Benamor. It had provided them with £2.1m in loans secured against their assets.
Richmond Capital later bought the festivals’ assets for £958,824 through a new business, Safe Festivals Limited. It then sold the controlling stake in that company to the festivals’ founder Rob da Bank so he could bring the events back.
In her latest report on Bestival Limited, administrator Julie Palmer of Begbies Traynor said the only secured creditor, Richmond Group Debt Capital, had been paid in full.
“We consider that there will be sufficient funds for a dividend to be paid to unsecured creditors albeit we are in the process of getting legal advice on the matter,” she wrote.
“The timing is currently uncertain as a significant amount of time is being taken adjudicating claims and clarifying which company creditors are claiming against.
“There appears to have been crossover between Bestival Limited, Camp Bestival Limited and Bestival Group Limited."
She provided a similar update on the affairs of Camp Bestival, saying “some creditors appear to be submitting claims to the wrong entity and/or uncertain who they are contracting with”.
She said administrators were reviewing the creditor paperwork to determine whether the claims were against Bestival Limited or Camp Bestival Limited.
Previous reports from the administrators revealed that indie pop band London Grammar, who headlined the main stage on the Saturday of Bestival in 2018, were owed £175,000.
Singer Plan B was owed £105,000, while drum and bass act Rudimental was owed £24,500.
Dorset Police was seeking to recover £141,000.
Bestival Limited turned over £7.4m as of 2016 but made a loss of £896,126.
Unsecured creditors were owed £3.73m, including a “significant” number of music acts who played the 2018 festival, and the shortfall was estimated at £3.68m.
Camp Bestival Limited, which ran the Camp Bestival event, owed £706,000 to unsecured creditors, with an estimated shortfall of £660,763.
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereLast Updated:
Report this comment Cancel