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Bestival faced with administration over “financial challenges”

Bestival Group is seeking a "new partner" for 2019 and beyond, as lender James Benamor tries to have Bestival and Camp Bestival placed in administration

By IQ on 24 Sep 2018

Bestival 2018

Bestival 2018


image © Bestival

The companies behind the UK’s Bestival and Camp Bestival festivals are reportedly heading for collapse, after billionaire creditor James Benamor revealed plans to place them into administration.

Benamor has filed notices at the High Court in London of his intention to appoint administrators to Bestival Group Ltd, Bestival Ltd and Camp Bestival Ltd, reports the Sunday Times. Companies House filings show a company owned by Benamor, Richmond Debt Capital, extended a loan – in the region of £1.6 million, according to the Times – and took charge of several Bestival “assets” in February 2017.

A statement from Bestival Group acknowledges the festivals’ “financial challenges” but says the company is seeking a new partner for Camp Bestival 2019, after the 2018 event was partially cancelled due to severe weather.

“The process we are in allows a new partner to come on board with the financial commitments required”

“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,” it reads. “As we stand currently, there is every intention to make this show happen, and move forward into a new era.”

Camp Bestival, a family friendly version of the flagship festival, has been held at Lulworth Estate in Dorset since 2008. Bestival, which had previously been held on the Isle of Wight, moved to the same site for 2017.

Benamor is the founder of guarantor lender Amigo Loans, and controls around a third of the company through his Richmond Group business. He became a billionaire in July when Amigo floated on the London Stock Exchange.

 


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