Monday, 24 September 2012
Vince Power's listed company Music Festivals plc has called in administrators as of September 23rd. Previously the company had said that it has unable to secure new funding, and that it was had asked the Alternative Investment Market to suspend trading in its shares. The company owns the UK's Hop Farm festival and Spain's Benicassim, The Feis Festival in Finsbury Park, London and a new festival called Costa de Fuego, also in Spain. The company suffered particularly from poor ticket sales at the Hop Farm, although the 2012 edition of Benicassim was also not sold out, prompting Power to lend the company £750,000. In a statement yesterday the firm said: "The board of Music Festivals has resolved to appoint an administrator and once that appointment has been agreed a further announcement will be made in due course". Power owns 23.29% of the shares and his family another near 20% stake. COO / Finance Director Jon Hale owns 5%.