The company that loaned the UK festival group £1.6 million has put it into administration.
The organisers of Bestival are looking for new investors and partners after Richmond Group, owned by loans tycoon James Benamor, put the UK festival company into administration on September 20th, according to a letter provided to Resident Advisor. In February 2017, Benamor's firm loaned Bestival Group, which runs Bestival and Camp Bestival, £1.6 million, The Sunday Times reports.
In a statement on Camp Bestival's website, the organisers write: "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."
Bestival cofounder Rob Da Bank, formerly of BBC Radio 1, also reassured concerned fans on Twitter.
The show must go on! And will ... fear not and keep the faith x— Rob da Bank (@RobdaBank) September 24, 2018
This story has been updated to reflect new information.