The group behind UK festival Hop Farm and Spain's Benicassim is looking to go into administration after falling into debt after a bad Summer.
Music Festivals Group, led by Vince Power, have been affected by a less tha succesful Summer which saw Hop Farm make a loss and Benicassim bringing in less money than in previous years.
Sales of shares in the company were suspended on Friday (Sept 21) priced 2.12p each, they were initially 66.5p when the company launched in June 2011. Issuing a statement, the company said: "The board has in recent weeks pursued a number of different funding proposals but the company has not been able to procure the necessary funding it requires."
The Guardia reports that the company now see administration as the way forward.
Bob Dylan, Suede and Pete Gabriel headlined this year's Hop Farm whilst Benicassim, popular with UK festival goers, saw performances from At The Drive-In, The Stone Roses and New Order.