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Companies House documents state the firm's moratorium was "no longer likely to result in the rescue of the company as a going concern"
By James Hanley on 07 Sep 2022
Festicket appears to be on the verge of administration after a moratorium filed by the festival discovery and booking platform came to an end.
The moratorium, which gives struggling businesses breathing space to explore rescue and restructuring options, free from creditor action, commenced on 17 August and was due to run until 15 September.
However, it was brought to an end on 30 August, according to Companies House documents, which state the moratorium was “no longer likely to result in the rescue of the company as a going concern”.
“The Board resolved on 29 August 2022 that the company should enter administration proceedings and that a notice of intention to appoint administrators be filed,” adds the filing.
London-headquartered Festicket also has offices in the US, the Netherlands, Germany, Portugal, France and Australia
A Festicket spokesperson tells IQ the company is unable to comment at present, while Chris Farrington and Ben Woodthorpe of London-based Resolve Advisory, who were appointed as insolvency practitioners, would only confirm: “We were Joint Monitors in a Company Moratorium that has ended.”
Founded in 2012 by Zack Sabban, Jerome Elfassy and Jonathan Youne, Festicket acquired Event Genius and the associated Ticket Arena consumer website and brand in 2019.
London-headquartered Festicket also has offices in the US, the Netherlands, Germany, Portugal, France and Australia. Its most recently available accounts published in July last year showed losses of €8,976,888 for 2020 and €12,934,107 for 2019.
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