Vince Power’s Music Festivals group, the company behind Benicassim and the Hop Farm Festival, is preparing to call in the receivers.
The wet summer, and competition from the likes of Radio 1’s Big Weekend in Hackney, which attracted big name performers and 100,000 people, hit the Hop Farm venture hard.
“If the BBC is giving something out for free, then we can’t compete,” Power said at the time. “It’s really pissed me off.”
The figures for Benicassim have suffered too through the trials of the economy and shares in the company, which started at 66.5p in June, were suspended last week worth just 2.12p each.