Alt Fest update- creditors mtg reveals details

alt fest cancelledFollowing the collapse of Alt Fest, festival hot food vendor Deli Kate was one of those in attendance at an Alt Fest creditors meeting in High Wycombe today and reported back via Facebook afterwards. Her full post is linked and inserted below, but in brief:

  • Alt Fest customers who bought tickets via PayPal or Credit Card should be refunded (PayPal have agreed to ignore their usual ’45 days from purchase’ limit on refunds).

  • Clubtickets, the main ticket vendor for Alt Fest, appears to be going into administration. The owner has allegedly left for Ibiza and is refusing to answer the phone to anyone.

  • Vendors / stall holders who had already paid for their pitches at the festival are unlikely to see their fees returned. (These fees run in to several thousand pounds for each trader).

  • Dom and Missy, the Alt Fest ‘organisers’, were paid £6,400 each over 2 years plus a directors loan of £21,546. The company will be filing for bankruptcy and both Dom and Missy are likely to be filing for personal bankruptcy.

  • Their bankruptcies may affect the refunds for those who supported the event via Kickstarter due to how the Kickstarter funds were processed.

  • All Clubtickets proceeds passed to the ‘organisers’ were spent on acts and costs. Marilyn Manson has already been paid £100,000, and is actually owed more.

  • A total of 7600 tickets were sold for Alt Fest. If the maths had been done correctly from the start the tickets would have been priced higher. As it was it took another ‘event organising company’ coming on board to identify a £400,000 shortfall at a very late stage.

Although it is unclear about whether those who paid by debit card are entitled to a refund, some people are reporting that their banks are refunding. The main Alt Fest website now holds information regarding who to contact regarding refunds for some tickets but not Kickstarter payments. But many will have also lost out due to non-refundable costs for travel and accommodation.

Last weekend would have been the weekend of the festival. Various events were arranged to try to fill the void. Ctrl-Alt-Fest-Delete was one of them with a range of shows across Kettering. Info and messages from those who attended can be viewed here.

Overall, the gist of the various reliable/reputable comments regarding the failure of Alt Fest seems to have been that the crux of the matter was a significant underestimation as to the true costs of the festival (to the tune of £400,000) plus low ticket sales. While the costing error seems to be the responsibility of a professional events management company, the presumptuous size of the first time event seems to prove that ‘Alt Fest Inc‘ completely failed to do their research.

 

Deli Kate’s post re creditors meeting:

Post by Deli Kate.

 

Leave a Reply