Photo: Live4ever Media
Spain’s Benicassim festival, one of Europe’s biggest and most popular live music events, is set to go ahead as planned next year despite its organiser’s parent company going into administration last month.
Vince Power’s Music Festivals PLC, home to events including Benicassim and Hop Farm, was handed over to the administrators in September after a tough financial year, with a statement released at the time explaining that:
“The board has in recent weeks pursued a number of different funding proposals but the company has not been able to procure the necessary funding it requires. Whilst the board considers the next steps it has requested that trading in its ordinary shares is suspended and a further announcement will be made in due course.”
However, BBC Newsbeat reports that Vince Power has now re-purchased Benicassim and is said to be ‘delighted’ with the new deal which means the festival will take place between July 18th-21st in 2013.