Administration beckons for struggling festival group

Irish-born music promoter Vince Power has called in the administrators to his Music Festivals Group after experiencing one of his worst summers ever.

Waterford-born Mr Power, who previously ran the Mean Fiddler organisation and the Reading Festival, experienced disastrous attendances at his Benicassim event in Spain and the Hop Farm Festival in Kent in recent months — despite star attractions such as Bob Dylan.

Last June shares in Mr Power’s company were worth 66.5p, placing the company’s value at about £10m (€12.5m). But last Friday they were suspended at just 2.12p.