Essential Entertainments goes into liquidation, owing £450,000...
ESSENTIAL ENTERTAINMENTS, the company behind the ESSENTIAL FESTIVAL, has collapsed owing nearly half a million pounds.
BBC News Online reports that the debt of £450,000 includes refunds to ticket-holders for August 2002’s Essential Festival in Hackney, which was cancelled due to “significant financial difficulties”.
That cancellation came on the heels of the controversy over the Bristol Essential Festival earlier in the year, where poor advance ticket sales were a factor in the cancellation of several bands that festival-goers had already paid to see.
It is the second time that a company running the festival has gone into liquidation. Essential Music Festivals, in charge of the festival in the mid-’90s, owed £240,000 to its creditors at the time of its collapse in 1997.