CREDITORS face an anxious wait for their cash after it was confirmed that Chichester Festivities is going into liquidation after a disastrous summer.
The news comes after the two-week summer arts festival was forced to cancel its flagship fireworks finale.
For more than 30 years, the Festivities has brought some of the greatest names in entertainment to the city.
But the writing was on the wall as soon as waterlogged car parks at Goodwood racecourse forced the Festivities to call off its fireworks spectacular on July 14. The Festivities tried to reschedule the concert for the end of September, but was forced to offer refunds to everyone who had bought tickets.
The Festivities has refused to discuss the situation and has now repeated that refusal ‘until details are sent out to all our creditors’. But in a statement on its website, it confirmed it had instructed Duncan Swift, of Moore Stephens LLP, High Street, Southampton, to convene a meeting of the company’s creditors to place the company into creditors voluntary liquidation.
Mr Swift said: ‘The implications are that the board of the Chichester Festivities has concluded the financial position is such it needs to go into liquidation sooner rather than later. With anything of this kind, you have to look at the costs of re-running, what anticipated sales might take place and what number of people effectively convert their July 14 tickets to the September concert, plus other imponderables such as the weather.’
Mr Swift confirmed this was now effectively the end of the road for the Festivities.