Future of Hop Farm and Benicassim Festivals looks bleak

Vince Power music venture calls in the administrators

Future of Hop Farm and Benicassim Festivals looks bleak

Photographer:Sara Bowrey

Chris Swindells - 25 September 2012

The company, who also own the Feis Festival in Finsbury Park, suspended shares on September 21st, after falling into liquidity problems.

An official statement made on September 21st said: "The Company announced on 2 August 2012 that due to poor trading conditions it expected to generate a material loss for the year ending 31 December 2012 and that it was seeking to raise additional working capital.

"The Board has in recent weeks pursued a number of different funding  proposals but the  Company  has  not been  able  to  procure the  necessary  funding  it requires. Whilst the  Board considers  the next  steps it  has requested  that trading in its ordinary shares is suspended and a further announcement will be made in due course."

The company, behind Hop Farm and Benicassim, was formed, and is owned chiefly, by Irish impresario Vince Power.

Power, who was one time head of Mean Fiddler, previously fell into trouble when his music promotions and pubs business, Vince Power Music Group, which went under in 2010, losing nearly £8m.

He sold Mean Fiddler for £38m in 2005, but the company he hoped would turn his fortunes around, Music Festivals, have found themselves stuck in the festival mud.

Hop Farm, held in Kent and headlined in 2012 by Bob Dylan, Suede and Peter Gabriel proved to be loss-making, whilst Benicassim took a knock from the effects of the recession, both here in the UK and more strongly in Spain, where it's held every year. Despite The Stone Roses and Florence & the Machine playing headline act the event in Valencia proved to be much less profitable than in 2011.

Follow Virtual Festivals for the latest news and updates on the future of Hop Farm, Benicassim and Feis.


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