BREAKING NEWS: Chichester Festivities set to go bust

After a disastrous summer, Chichester Festivities are heading into liquidation, it was announced today.

The summer arts festival was forced to cancel its single biggest event because of waterlogged car parks at Goodwood this summer. Initially, the Festivities had hoped to reschedule its fireworks finale, but today concluded that the safest option was simply to wind up the company’s affairs.

The Festivities board has instructed Duncan Swift, of Moore Stephens LLP, 114 High Street, Southampton SO14 2AA to convene a meeting of the company’s creditors to place the company into creditors voluntary liquidation.

The Festivities issued a statement: “Following extreme adverse weather and the necessary closure of car parks which caused the short-notice cancellation of the Chichester Festivities’ Fireworks Concert at Goodwood Racecourse on July 14 2012, the Board of Directors of Chichester Festivities has considered the Company’s financial position and the feasibility of re-running the Concert in September.

“In its consideration, the Board of Directors has also taken legal and insolvency advice regarding its responsibilities to Concert ticket-holders and to unpaid suppliers of the Company.

“The Board regrets to announce it has concluded that its trading forecasts do not anticipate benefit will accrue from re-running the Concert, despite support from a good number of ticket buyers, and therefore the Board has decided to wind up the Company’s affairs. To this end the Board has instructed Duncan Swift of Moore Stephens LLP, 114 High Street, Southampton SO14 2AA to convene a meeting of the Company’s creditors to place the Company into Creditors Voluntary Liquidation. Mr Swift will be sending details of this meeting to all known creditors within the next 10 days.

“The Board is very grateful for all the help that has been provided over many years from the Cathedral, Goodwood, our sponsors and supporters as well as from the local community. The Board also acknowledge with gratitude the huge contribution made by our director Amanda Sharp and our small staff.”