Expenses and admin costs leave dent in Michael Eavis' firm
The firm which runs Glastonbury festival made a profit of just £764,000 in 2013, despite selling £35m worth of tickets.
Among the costs incurred by Glastonbury Festivals Ltd, owned by Michael Eavis, were payments of £2.6m to companies owned by Eavis and his relatives. These included land rental, staff costs, management fees, loss of earnings by the land’s Worthy Farm and hire of the Pyramid Stage. Records filed to Companies House showed the business paid £348,000 in charitable donations.
The Rolling Stones, Arctic Monkeys and Mumford And Sons headlined Glastonbury in 2013, after the company made a loss of £544,000 in 2012 when the festival didn’t take place. The so-called ‘fallow year’ was partly attributed to portable toilets being unavailable due to their use at the London Olympics.
Records showed that, by the end of 2013, the company had taken £7.9m in advance ticket sales for this year’s event, which was headlined by Kasabian, Metallica and Arcade Fire.
All 135,000 of the £225 tickets for Glastonbury’s 2015 festival sold out in a record time of 26 minutes when they went on sale on Sunday (October 5). No acts have been confirmed, though Fleetwood Mac, Muse, AC/DC and Queen are among the early names rumoured to be appearing at the festival on June 27-29.