August 23 2014 Latest news:
Friday, July 4, 2014
Cult festival Camden Crawl has announced it will start liquidation proceedings just weeks after celebrating its 19th anniversary - with many artists and bands at risk of being left unpaid.
Organisers say poor ticket sales for this year’s event has meant it will be “unable to pay its debts in full to any suppliers, staff or the Company’s directors and shareholders”.
The event has been a key date in the indie festival circuit and has played host to big name artists like Amy Winehouse and Mumford and Sons.
Last month’s Camden Crawl saw what critics said was “a noticeably more cutting-edge line-up” to previous years, cutting back on corporate sponsors in an attempt to go back to the festival’s roots.
As news broke of the liquidation, unpaid stars turned to Twitter to voice their anger.
A statement released on the Camden Crawl website read: “Due to ticket sales falling far short of expectations for this year’s event, Crawl Promotions Ltd, the Company which promotes the Camden Crawl, is unable to pay its debts in full to any suppliers, staff or the Company’s directors and shareholders.
“As it stands the total debts substantially exceed the value of the assets of the Company.
“Because of this completely unanticipated situation and after nearly ten years of successfully promoting the Camden Crawl festival, it is with great regret and sadness that there has been no other option than to convene meetings for the purpose of placing the Company into Creditors’ Voluntary Liquidation.
“An Insolvency Practitioner has been appointed to assist in this process.”
A meeting of shareholders and creditors is scheduled for July 11.