Since the British press made public in various articles the delicate situation of music group -company at the head of which is Vince Power and that includes several of the main European festivals, among them those of the Maraworld brand- certain uncertainty has arisen from the Spanish media (we also we echoed) regarding the continuity of emblematic festivals such as FIB and Costa de Fuego.
When talking to Ernesto Gonzalez, the communication director of Maraworld (which includes both FIB and Costa de Fuego) confirms that "Vince Power himself has confirmed to us that the continuity of the two festivals is in no danger in 2013 or in the years to come".
"The situation is as follows: on Friday the listing of Music Group is suspended, which has gone from seeking financing in markets to private financing." The news has generated some confusion partly because something has been lost along the way in translation. "'Inadministration' has been translated as 'bankruptcy' and reference has been made to a 'suspension of payments', however this legal figure does not have that meaning. Basically, the main legal consequence of all this is that Music Group will be managed by a Public Administrator ”.
All this has been due to the fact that some of the festivals that make up the group, such as the Hop Farm, have not met the expectations they had generated. This is not the case of the FIB (with a slight decline, from 200.000 attendees in 2011 to 160.000 in 2012) or Fire Coast that despite not having met the target audience that had been set, in the words of González "it has served to position us for the future." "The FIB does not have and will not have any problem finding financing because it is a successful product," he concludes.
More information - The end of the FIB?
Source - Mondosonoro