Featured image credit: Yvette de Wit on Unsplash
Festival package company Festicket owed £22,560,175 (€25,937,322/$25,333,835) in unsecured debts to creditors before entering administration, according to a filing on Companies House.
The filing shows that some of the UK-based creditors include Event Horizon, which was owed £2,290,244 and Slammin’ Events, which was left £1,346,679 out of pocket. AEG Presents was also owed £1,506,352.
Globally, Festicket’s financial problems affected festivals in Australia and many Europe-based events. Australia’s Festco was owed £2,359,827 and Lost Paradise was owed £1,508,292.
Further significant creditors based in the UK include the likes of Bristol club and promoter Motion & The Marble Factory, which were owed over £200,000.
Motion had said in a statement last month that it was owed somewhere in the region of £300,000. The filling showed that it was owed £201,683.
Hospitality D&B Events was owed £415,801, NCLF was owed £221,991, 2 Four Six Marketing was owed £112,050, Platform Live was owed £10,996 and One Tribe was owed £17,775 by Festicket.
In Europe, other notable creditors included Spain’s Primavera Sound, which was owed £314,168. Portugal’s Everything is New was owed £223,807, MOYG was owed £180,775 and Conquistapadrao was owed £141,571. In Germany, Cosmopop was owed £284,341 and Loft organisers were owed £211,256.
Croatia’s Electronic Events was out of pocket by £328,337, the Netherlands’ Loveland Events and Movement Entertainment were owed £247,122 and £182,166, and Italy’s SAND event was owed £164,416.
Lyte confirmed its acquisition of Festicket and Event Genius assets last month.
The company said that it would attempt to reconcile with affected promoters and clients, and retain members of staff from the failed businesses.
The saga began when Festicket filed a moratorium in August as it attempted to find a solution for the ailing business.
Administrators were appointed a month later in September.
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