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Music festival to enter liquidation

Date Added: 01/02/2013  

An East Anglian music festival is set to go into liquidation, with last summer's bad weather cited as one of the reasons for its failure.

Playfest, held at the New Eccles Hall near Attleborough, is set to go out of business, with creditors owed a total of £170,000.

Speaking to the Eastern Daily Press, Jamie Playford, insolvency practitioner at Parker Andrews, stated the creditors are not likely to recoup any of the money owed to them.

Ticket sales were slow for Playfest in 2012 and bad weather has been blamed for some of the losses sustained in the past 12 months, while it was also noted the event coincided with the celebrations to mark the Queen's Diamond Jubilee.

"The camping tickets started off selling well, but then didn't sell as well in the last few weeks. Meanwhile, the day tickets fell off a cliff because very few sold in the last few weeks, which hit their profits," said Mr Playford.

He added the only assets the company had were for ticket sales and they were used before the show in order to pay for the acts, as well as to cover the deposits for the lighting and the stage hire at the event's location.

As a result, the creditors that are owed money by the music festival are not likely to see any return from Playfest.

Ash, Feeder, the Pigeon Detectives and Ria Ritchie were among the artists to perform at Playfest and it was also described as offering a platform to local unsigned artists.

Playfest is the most recent company in the local area to have gone into liquidation, following in the footsteps of Godfrey DIY, which went out of business in January.

Managing director Barry Godfrey told the East Anglian Daily Press that it was a sad day for everyone involved in the organisation, with 20 of its 26 jobs expected to be lost.

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Posted by Miles Pritchard

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