Joe GallopFesticket owed £22,560,175 in unsecured debts to creditors, before entering administration last month. Meanwhile, the company’s administrator, Resolve Advisory, has confirmed that ticket sales revenue was not ring fenced.
It said, “We have received communications from a number of promoter creditors, who are asserting that the terms of their contract with the company implied that the net monies from ticket sales collected by the company were to be held in trust by the company for the respective promoters. Our understanding is that the company did not segregate or ring-fence any assets for the benefit of specific parties”.
UK-based creditors which were owed seven-figure amounts include Event Horizon (£2,290,244), AEG Presents (£1,506,352) and Slammin Events (£1,346,679), along with Spain’s Mad Cool (£1,516,613), and Australia’s Festco (£2,359,827) and Lost Paradise (£1,580,292).
Other UK-based creditors include Motion & The Marble Factory (£201,683), Hospitality D&B Events (£415,801), NCLF (£221,991), 2 Four Six Marketing (£112,050), Platform Live (£10,996) and One Tribe Ltd (£17,775).
Other overseas creditors include Spain’s Primavera Sound (£314,168) and Amnesia (£918,309), and Portugal’s Everything is New (£223,807), MOYG (£180,775) and Conquistapadrao (£141,571).
Elsewhere, Germany’s Cosmopop (£284,341) and Loft (£211,256) are listed, along with Croatia’s Electronic Events (£328,337); the Netherlands’ Loveland Events (£247,122); and Movement Entertainment (£182,166) and SAND (£164,416) in Italy.
administrators write in their report: “We have received communications from a number of promoter creditors, who are asserting that the terms of their contract with the company implied that the net monies from ticket sales collected by the company were to be held in trust by the company for the respective promoters. Our understanding is that the company did not segregate or ring-fence any assets for the benefit of specific parties”.
Festicket, which bought Event Genius and Ticket Arena in 2019, was acquired by US-based ticket service Lyte earlier this month. Lyte said it will work to reconcile affected promoter clients following Festicket’s administration. Representatives of financial advisory group ReSolve Advisory were appointed administrators for Festicket.