Entertainment-focused VCT manager Ingenious Ventures is positioning to exit some of its music festival investments before the end of the year.
Entertainment-focused VCT manager Ingenious Ventures is positioning to exit some of its festival investments before the end of the year.
Ingenious has a number of investments in the growing music festival market including the dance festival Creamfields, the Rewind Festival and Field Day in London’s Victoria Park. It also has a stake in the food festival Taste.
But in an interview with a weekend newspaper, Paul Bedford, the company’s investment director, said the firm had plans for a sale of some of the festival investments this autumn.
‘We create or work with brands that we can build and roll out around the world, and then we either sell our investment to our partner or sell to a third party,’ he told the Independent.
A spokesman for the AIM-listed Ingenious today confirmed the comments, but refused to say when the firm was planning to exit the stakes or which festivals would be put up for sale.
Most of the investments have been made through the Ingenious Entertainment and Live VCTs, which invest in a range of music festivals, live events and television formats. To date, Ingenious has raised a total of £60 million for investments in the live and entertainment sectors, according to a statement released by the firm last week.
In recent months, Creamfields, Rewind Festival and Field Day have all experienced record demands and, having expanded their capacities this year, between them have sold nearly 200,000 tickets, the firm says.
Creamfields, which will take place next weekend, has sold out its enhanced capacity of 50,000 a day in record time.
80s music based festival Rewind Festival, to be held this weekend, has expanded to attract 40,000 people across the two days, while its sister festival, Rewind North in Scotland took place for the first time in late July. Ingenious Entertainment VCTs invested £1 million in the two festivals in January and plans to expand the brand internationally.
Field Day, which was held on 6 August, has increased attendance by nearly 70 per cent since 2010.