It was announced yesterday that Vince Power, the Mean Fiddler mogul and head of the firm, was prepared to throw in the towel and call in administrators.
Both festivals made disappointing losses this summer, with low ticket sales not matching high budget headliners such as Bob Dylan.
The Guardian reports that the company, worth £10m last year, was currently valued at just £310,000.
It’s also been announced that the annual Guilfest is another music festival set to fold.
The latter festival released the following statement on Facebook:
“Scotty Events Ltd regret to announce that Guilfest has ceased to trade due to poor ticket sales at this year’s event in July.
We assess that this was down to the worst weather conditions we have experienced in history of the festival, combined with intense competition presented this year from other events. On-going matters now lie in the hands of the insolvency practitioner Leigh Adams LLP.
Tony Scott and the Guilfest team would like to extend their thanks to everybody who has been involved in working with the festival in its 21 years, the artists who performed and of course the thousands of attendees, without whom none of the events would have been possible. It has been a privilege and a pleasure to organise Guilfest and see it evolve into the renowned festival it has become.”