Camden Crawl has just announced that it has gone into liquidation after 19 years.
The North London, venue-hopping festival occupied 25 clubs and bars on its most recent outing at the end of last month, but an official word from the event's founder has put the future of the event into doubt.
An email from the event's founder Lisa Paulon reads: "Please be aware [that] unfortunately Crawl Promotions Limited T/A Camden Crawl is experiencing financial difficulty. It is with great regret that the Board has decided that there is no option but to place the Company into Creditors’ Voluntary Liquidation."
Recently, the festival had been very vocal on what restrictions and licensing laws Camden Council had imposed on the event for this year, but currently no further information has been given on the decision.
[Via Music Week]
UPDATE: Camden Crawl has now issued the following statement:
Due to ticket sales falling far short of expectations for this year’s event, Crawl Promotions Ltd, the Company which promotes the Camden Crawl, is unable to pay its debts in full to any suppliers, staff or the Company’s directors and shareholders. As it stands the total debts substantially exceed the value of the assets of the Company. Because of this completely unanticipated situation and after nearly ten years of successfully promoting the Camden Crawl festival, it is with great regret and sadness that there has been no other option than to convene meetings for the purpose of placing the Company into Creditors’ Voluntary Liquidation. An Insolvency Practitioner has been appointed to assist in this process, details of which follow below. The Meetings of Shareholders and Creditors are scheduled for the 11the July 2014 and notices have duly been despatched to all concerned parties. Once the Company is in Liquidation and a Liquidator is appointed, the Liquidator will realise all assets, try and agree all creditor claims and if possible make a distribution (paying a portion of the debts due to all creditors).