This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.
Business News Live Business Top Stories
Truck not out of business, but admits financial difficulties
By CMU Editorial | Published on Monday 8 August 2011
The co-founder of Truck Festival’s parent company has denied claims the firm is going into administration after losing too much money at this year’s edition of their flagship event in Oxfordshire, but has admitted the 2011 festival has caused financial difficulties.
As previously reported, US blog Brooklyn Vegan initially reported that the US version of the festival, Truck America, which launched last year, had been cancelled. Then on Thursday afternoon eFestivals claimed to have been told by “a number of music/festival business sources” that the Truck company had “gone bust”.
But last week Truck’s Robin Bennett was quoted by the Oxford Mail clarifying the situation. He told the local paper: “Things are still a little unclear, but the situation is not looking good. Our revenue has not been adequate to cover the cost of this year’s event and we have been left with a major hole. We are a small family business and we cannot sustain that kind of loss, and are now reaching out to find a method of dealing with it”.
Explaining the situation, he said: “We didn’t have enough full-price ticket holders, and bar and food spending, which we hoped would make a contribution to profits, wasn’t high … The market this year is dire. There are just too many festivals”.
Finally, he said: “We are open to ideas and are looking for an investor – it doesn’t even matter if they are not in the music business. We have made some popular changes to the festival, and it would be well worth an investor coming in. If we can’t [find one], then Truck could be over”.
The company is yet to release an official statement on the matter.
