Camp Bestival founders 'back in control' after administration

The founders of Camp Bestival have said they are "back in control" of the music festival after it was forced into administration by creditors last month.

Creditor Richmond Group bought the festival brand and its assets last week after offering £1.1m.

It is understood the stake in the family-friendly festival has since been taken over by Live Nation.

Founder Rob da Bank said Live Nation Gaiety and promoter SJM would help provide "the support structure needed".

Last month, Camp Bestival admitted it was facing "financial challenges" and was looking for a new partner after Bournemouth-based Richmond Group filed notices of intent to appoint administrators to Bestival Group, Bestival Ltd and Camp Bestival.

Administrators Begbies Traynor confirmed it had completed a sale last week to Richmond Group.

A statement from Josie and Rob da Bank on the Camp Bestival website said: "With the help of Live Nation Gaiety and SJM we will really be able to bring more of our creative vision to life with the support structure needed going forward.

"Our aim has been and will always be to create the best ever family festival.

"We look forward to sharing this new chapter with you. More news very shortly."

A Live Nation spokeswoman said: "LN-Gaiety and SJM look forward to working with Rob and Josie on Camp Bestival."

Live Nation already holds stakes in a number of festivals including Isle of Wight Festival

Camp Bestival, a family-friendly version of Bestival, has been held at Lulworth Estate in Dorset since 2008.

Organisers have so far declined to comment about the future of Bestival, which relocated to the same venue from the Isle of Wight last year.