Representatives of financial advisory group ReSolve Advisory have been appointed administrators for end-to-end festival experience and ticket supplier Festicket.
Festicket filed a moratorium on 24 August in order to explore rescue and restructuring options. That was brought to an end by monitors at ReSolve, who said the moratorium was no longer likely to result in the rescue of the company as a going concern.
A Companies House filing shows that ReSolve’s Lee Manning, Cameron Gunn and Simon Jagger have been appointed as administrators.
Ticketing and cashless service Event Genius was acquired by Festicket in 2019. It has been reported that assets owned by its Event Genius business are to be acquired by New York-based ticket exchange service Lyte.
Event promoters are keeping a close eye on the situation, with some taking to social media to air their frustrations. Bristol club Motion issued a statement in which it said that it is awaiting funds from the company for recent events.
“Our event partners and Motion are owed in excess of £300,000 due to not receiving payments for tickets sold through their platforms,” it said. “Last weekend, we had an event which sold out at 3000 tickets, the promoter still hasn’t received all of their ticket funds for the event.”
Wild Paths and Wild Fields Festival director Ben Street said, “This company has had a huge impact on the future of a number of independent event organisers and there is currently no resolution in sight. Their clients’ money should have been held ‘in trust’ but it appears this was not the case. Instead, assets have been stripped and sold onto a large American buyer. The debt remains with the gutted shell company (currently in administration) with big question marks over any sort of fair remuneration.”
A Festicket representative told AAA that a press announcement would be made within days.