Bestival creditor offers to buy festival brand Published duration 26 September 2018

image copyright @CampBestival image caption Camp Bestival has been held at the Lulworth Estate since 2008

A company that loaned money to the Bestival and Camp Bestival music festivals says it has offered to buy the brand and its assets for £1.1m.

Richmond Group made the offer for Bestival Group on Wednesday, less than a week after lodging plans at the High Court to put it into administration.

On Sunday, organisers said they were seeking a partner for Camp Bestival but insisted the 2019 event would go ahead.

Richmond Group said its plans included the continuation of Camp Bestival.

Last week, the company filed notices of intent to appoint administrators to Bestival Group, Bestival Ltd and Camp Bestival.

'Wonderful memories'

On Sunday, a statement on the Camp Bestival website acknowledged the event faced "financial challenges" but said there was "no reason" it would not go ahead in 2019.

Following the offer announcement, Richmond Group chief executive James Benamor said: "We have been fans and supporters of Bestival since the beginning. Our children have grown up with wonderful memories of these festivals.

"Bestival is an example of Dorset being world class and we are keen to ensure that this fantastic institution goes on to delight families and local businesses, for many years to come.

"Under this offer, all Camp Bestival 2019 tickets sold so far will be honoured."

Camp Bestival, a family-friendly version of Bestival, has been held at Lulworth Estate since 2008.

Organisers have so far declined to comment about the future of Bestival, which relocated to the same venue from the Isle of Wight last year.

media caption A number of tents took a hammering in the weather conditions

Meanwhile, thousands of people are waiting for refunds after Camp Bestival was forced to close early when bad weather battered the site in July.