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SJM and Desmond buy into Benicàssim
By Chris Cooke | Published on Thursday 4 July 2013
Vince Power has sold shares in the Benicàssim festival to SJM Concerts and Denis Desmond in a deal designed to assure the future of the popular Spanish event.
Power reclaimed ownership of both the Benicàssim and Hop Farm festivals after his company Music Festivals plc hit the wall last year. However, despite plans to stage a 2013 edition of the UK-based Hop Farm bash, that event was cancelled in May due to poor ticket sales.
Given the fall-out from the collapse of Music Festivals plc, coupled with reports that the flagging Spanish economy was again affecting ticket sales in that market too, there were fears that Benicàssim, due to take place from 18-21 Jul, might also be pulled, despite it being by far the most established of the events that operated under the Music Festivals plc banner.
But the deal with UK and Irish live music players SJM and Denis Desmond should assure that Benicàssim will continue this year and in the future. The two promoters have taken a sizable stake in the event, though Power will remain MD and this year’s edition will not be affected in anyway.
Power said in a statement: “The difficult economic climate coupled with the bad year suffered by Music Festivals plc has prompted my decision to sell a major shareholding in Benicàssim festival. I am pleased that two of Europe’s best known festival promoters are now taking part”.
He continued: “[Benicàssim] is one of the world’s most established and best-loved live music events and I wanted to ensure the future of the festival for many years to come. I am pleased we have found great partners to take Benicàssim forward to its next phase and to guarantee it is secure and solid for the fans, this year and every year. Next year Benicàssim celebrates its 20th anniversary and I look forward to many more memorable festivals in years to come”.
