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25/01/2013
€2.1m Loses Recorded For Electric Picnic
Music festival Electric Picnic (EP) suffered a combined lose of €2.1m in 2011 and 2012.
Despite this assurances have been made that this years event, marking the festivals 10-year anniversary, will go ahead.
Concerns were raised in December when the traditional discounted “early-bird” tickets did not go on sale.
However, Melvin Been of Festival Republic, involved with EP since 2009, has said that a significant change to the festivals ownership in November left them needing to finalise “a new company structure”.
Recent accounts filed by EP Republic Ltd, the operating company behind the festival, revealed the financial losses.
Mr Benn is a partner in EP Republic Ltd alongside John Reynolds.
EP Republic Ltd is controlled by EP Festivals Ltd, of which Mr Benn’s Festival Republic Dublin Ltd owns 71%, and Mr Reynolds POD Music Ltd owns 29 %.
LN-Gaiety Holding Ltd acquired Festival Republic Dublin Ltd in November 2012.
LN-Gaiety Holding Ltd is an entity owned by international music promoters Live Nation and Gaiety Investments, the parent company to Denis Desmond’s MCD Concerts.
Mr Benn told The Irish Times that tickets for this year’s event would go on sale “as usual” in March.
(H)
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