Bestival and Camp Bestival facing 'financial challenges'

Camp Bestival music festival hit by 'financial challenges'

Camp Bestival music festival hit by 'financial challenges'

FEARS have been raised Bestival and Camp Bestival could be axed after the company behind the events threatened to call in the administrators.

The organisers of Bestival are looking for new partners after Richmond Group, owned by loans tycoon James Benamor, threatened to put the United Kingdom festival company into administration, The Sunday Times reports.

According to filings at Companies House, Richmond Group Debt Capital - privately owned by Benamor - extended a loan of up to £1.6m to the festival back in February of a year ago.

A Bestival spokesperson told the County Press today (Monday) organisers were unable to comment while the process was ongoing.

The future of Bestival - which was held on the Isle of Wight for 13 years - is said to be in doubt due to "financial struggles".

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Tickets are already being sold for next year's events, which are expected to attract thousands of visitors to the music and entertainments festivals at Lulworth Castle.

"As we stand now, there is every intention to make this show happen, and move forward into a new era".

Bestival, which had previously been held on the Isle of Wight, moved to the same site in 2017 with organiser Rob da Bank blaming the "boring economics of getting people on to the island".

These reports follow the cancellation of Camp Bestival's final day earlier this year. At the time, organisers promised to issue refunds "as quickly as possible".

Richmond Group and Bestival have been contacted for comment.

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