Ticket exchange platform Lyte announced it annexed certain assets from Event Genius, an end-to-end live events service acquired by Festicket in 2019.
In August, festival ticketing platform Festicket showed signs of post-COVID19 financial challenges when it filed for a moratorium. The moratorium frees struggling businesses from threatening debts, giving them some timeout to find a plan B.
The period of debt relief ended, as monitors concluded it was not “likely to result in the rescue of the company.” Companies House documents further affirmed that “the Company should enter Administration proceedings.”
Following those innuendos, Event Genius updated its partners on the platform’s future, confirming that the live events service will gradually wind down.
According to TheTicketingBusiness, the announcement stated that “an agreement has been made with Lyte for the sale of certain assets from the business,” which includes “technology platforms and employed contracts.” The update further discloses that both businesses will close the transaction on the 12th of September.
“In parallel, we are in a process to wind down the existing business, which includes the appointment of an Administrator to determine what monies will be on-hand to pay out unsecured creditors and promoter obligations. You will be hearing more on that process from us soon.”
It couldn’t be worse timing for North Brewing Co, as the beer festival now has to pay £25,000 out-of-pocket since ticket provider Event Genius has its bank account frozen.