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Finance

Moratorium filed by Festicket ends, suggestions of falling into administration

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A moratorium filed by festival package company Festicket has come to an end, with Companies House filings detailing suggestions from monitors that the company should enter administration.

Filings show that the moratorium was ended by monitors on August 30 as ‘the company is unable to pay any of the following that have fallen due: moratorium debts; pre-moratorium debts for which the company does not have a payment holiday during the moratorium’. 

The document also shows a copy of the notice filed with the court that says ‘the moratorium is no longer likely to result in the rescue of the company as a going concern’.

It also says ‘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’. 

Festicket originally filed the moratorium on August 24, which typically means that struggling businesses are given formal breathing room to try and come up with a rescue plan.

Festicket was founded by Zack Sabban, Jonathan Younes and Jerome Elfassy in 2011. The company works with festivals as official partners to provide general admission and VIP tickets to festivals around the world. These tickets are then bundled together with travel, accommodation and various other add-ons.

Festicket was unable to comment at the time of writing.

Image: Yvette de Wit on Unsplash