LIVERPOOL (CelebrityAccess) — Bankruptcy filings in the unraveling of the company behind the disastrous Hope & Glory festival revealed just how deep of a hole the festival was in.
In documents filed with UK regulatory agency Companies House, Hope & Glory Festivals Ltd reported assets of just £63,600, with debts of £888,984 to unsecured creditors.
Major creditors for the festival include ticketing services Eventbrite, which is owed £138,368, and Skiddle, who are out £73,000 after refunding ticket money out of their own pockets.
Other companies in the live entertainment sector were also affected. Live Nation is owed £6,965, management company Hunky Dory Media is out £60,000 and production companies DNG Production & Event Crew Limited and Hi Lights are owed £21,103 and £21,600 respectively.
Liverpool City Council is directly owed £51,972, while their 'street scene services' organization is out £10,257.
The single largest creditor for the festival are its investors, including Iain Kerr, who is associated with a number of investment firms and reports a debt from the festival of £200,000.
Originally planned for Liverpool's St George`s Quarter on August 5th and 6th, the festival drew complaints on its first day for overcrowding, long lines and general disorganization that prompted an intervention by Merseyside police. The festival's second day was subsequently canceled due to health and safety concerns.