The company has experienced 1st hand a significant shift away from the weekly club nights towards the highly successful large- scale events like Creamfields and Cream X10 arena tour.
Lomax Live Venue will continue to trade from the premises unaffected. The section of Nation that Cream traded from will be closed for the rest of the summer - reopening for Cream residents night on August 31st, a private party on Sept 14th and Creams 10th birthday on October 11th and 12th.
Creamfields Liverpool will be unaffected and the company will maintain it's social and charitable commitments.
Quote from James Barton CEO Cream "10 years on it is time to re-evaluate where weare as a company and assess where that fit's into today's market. It'sclear that young people want so much more from the Cream experience.This is evident from the massive success of Creamfields over the last five years, the popularity of Ibiza 2002,and the success of the Cream x10 arena tour this year.
In 2002 we brought investment into the company with the aim of growing the company and now we are perfectly positioned to develop into new forms of events, music and media.
The company is making deeper in-roads into TV with our highly regarded Cream fields shows and Ibiza TV Series.
Cream has also heavily invested into radio with Absolute Radio under a exciting new brand called Jump FM. 2002 has seen the company release more records than previous years and with the investment made our activities will continue to grow into 2003. Alongside this our international events business produced over 400 events this year and a further 4 Cream fields festivals means that Cream continues to be a forefront of global youth culture."
Editors Notes: Cream Facts.
1. 400 Club events worldwide.
2. 4 Creamfields Events Worldwide.
3. Record Business in UK, North America and Australia.
4. Partner in Jump FM
5. TV Production Company.
6. Trading for nearly 10 years.
7. Brought in major investment to grow the Group and expand the brand into Music and Media.
8. Cream has sold more albums in the first 6 months of this year as it did in the whole of last year.