Today, Richmond Group, the Bestival creditor revealed that it has made a £1.1 million offer to the festival’s organisers for its brand and assets.
Last week, Bestival Group had filed for administration with the High Court. Last Sunday. it said that the search for a partner for the company’s family-friendly Camp Bestival event was continuing amidst facing “financial challenges.”
In its offer, Richmond Group said that it plans to continue running Camp Bestival going forward. Their plans will include the already scheduled event at Lulworth Estate that is set for next year. The creditor said that all of the tickets that were previously sold will be honoured.
James Benamor, the chief executive of Richmond Group, stated: “We have been fans and supporters of Bestival since the beginning.”
He added: “Our children have grown up with wonderful memories of these festivals.”
He continued: “Bestival is an example of Dorset being world class and we are keen to ensure that this fantastic institution goes on to delight families and local businesses, for many years to come.”
The Plans for Bestival, the music festival of Bestival Group, which was held on the Isle of Wight until last year, is still not clear.
Partygoers from Camp Bestival of this year are still waiting for the refunds that were promised by the organisers after the festival had to be ended early because of turbulent weather conditions.
A statement that was published on the website of Camp Bestival on Sunday stated:
“We can confirm the Bestival Group has had some financial challenges of late but the process we are in allows a new partner to come on board with the financial commitments required to deliver Camp Bestival 2019 in its finest form. As we stand currently, there is every intention to make this show happen, and move forward into a new era.”