Festival discovery and booking platform Festicket might be on the brink of administration as the moratorium filed by the company last month came to an end.
According to Companies House filings, the period of debt relief ended on 30th August as “the company is unable to pay any of the following that have fallen due: moratorium debts, pre-moratorium debts for which the company does not have a payment holiday during the moratorium.”
In UK law, the moratorium gives struggling businesses financial downtime where creditors cannot seek legal action. It gives companies breathing room to come up with a rescue plan or restructuring option.
Although Festicket’s moratorium began on 17th August and was due to run until 15th September, Companies House documents show that it ended on 30th August.
The filings state the moratorium’s abrupt end was due to monitors concluding it “is no longer likely to result in the rescue of the company as a going concern.”
They further explain that “The Board resolved on 29th August 2022 that the company should enter administration proceedings and that a notice of intention to appoint administrators be filed.”
Skiddle’s co-founder Richard Dyer shared his views regarding Festicket’s situation on LinkedIn, suggesting it could jolt the event booking ecosystem while calling it “another sorry day for the events industry.”
“Festicket now filling for administration, event promoters not getting paid and event customers left exposed to tickets potentially not being valid or refunds owed out the window.”
Event attendees who booked their live music experience through Festicket took to social media to express their dissatisfaction with the ticketing platform.
Many of them cited bad customer service and lack of refunds as the main reasons they wouldn’t give the company a second chance.
Founded in 2012 by Zack Sabban, Jonathan Younes, and Jermore Elfassy, Festicket became one of the key players in the festival ticketing industry.
Back in 2019, the company acquired live events platform Event Genius and was ranked Europe’s 80th fastest growing firm by Financial Times.