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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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Bestival faced with administration over “financial challenges”

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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