Christopher BarrettThe moratorium filed on 24 August by end-to-end festival experience and ticket supplier Festicket has been ended, leaving the company facing administration.
The Moratorium, designed to provide struggling businesses with time to explore rescue and restructuring options, has been brought to an end by monitors Christopher Farrington and Ben Woodthorpe – partners at financial advisory group ReSolve.
In a filing with Companies House, the monitors stated the reason for ending the moratorium was that it was no longer likely to result in the rescue of the company as a going concern.
They stated that the company “is unable to pay any of the following that have fallen due: moratorium debts; pre-moratorium debts for which the company does not have a payment holiday during the moratorium”.
A notice of intention to appoint administrators has been filed.
Recent years have seen Festicket expand its international footprint, making senior appointments in the US where its clients include Coachella, and branching out into streaming with the launch of Festicket Live and a partnership with Clubbing TV.
Festicket was founded in 2012 by Zack Sabban and Jonathan Younes. Initially launched as a festival discovery website providing a guide to around 16,000 festivals, Festicket was evolved into an end-to-end festival experience service providing add-ons including travel and accommodation packages.
It is backed by a range of investors including Beringea, Edge, Lepe Partners, ProFounders and InMotion Venture. In Autumn 2019 it completed the acquisition of Event Genius, and the associated Ticket Arena consumer website and brand.
Festicket has been contacted for comment.