Creditor RG offers £1.1m for Bestival Group

Richmond Group, a company controlled by British loans tycoon James Benamor, has offered £1.1 million to rescue Bestival and Camp Bestival from administration.

It was revealed earlier this week that Benamor had filed notices at the High Court in London of his intention to appoint administrators to three companies behind the events, Bestival Group Ltd, Bestival Ltd and Camp Bestival Ltd. Another company owned by Benamor, Richmond Debt Capital, extended a £1.6m loan to Bestival and took charge of several festival “assets” in February 2017.

A statement from Richmond Group (RG) announcing the bid confirms the family friendly Camp Bestival 2019, for which tickets are already on sale, will go ahead as planned, although no mention is made of Bestival. IQ has sought clarification as to the future of the flagship event.

“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,” says a spokesperson for the company. “Under this offer, all Camp Bestival 2019 tickets sold so far will be honoured.”

“We have been fans and supporters of Bestival since the beginning. Our children have grown up with wonderful memories of these festivals,” adds Benamor.

“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.”

This story will be updated.

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