Home TypeNews Venn Media goes into liquidation and cancels London Dessert Festival

Venn Media goes into liquidation and cancels London Dessert Festival

by Emily Wallin

Venn Media has announced it has ceased trading and cancelled the London Dessert Festival.

The consumer event was due to be held at the Business Design Centre on 12 to 14 August.

Speaking exclusively to EN about the decision to go into voluntary liquidation, founder Lyndon Baptiste  said: “We are absolutely heartbroken to have to cancel the London Dessert Festival. Having launched Venn Media during the global pandemic, the team put everything into planning the execution of an exciting and interactive event to capture audiences craving face-to-face interaction after two years of intermittent lockdowns and social distancing.

“Sadly, due to the ongoing impact of the pandemic on the sector and the current financial crisis, we have found that whilst exhibitors are booking, they prefer to keep funds in their accounts as long as possible and are paying later than ever before. This, teamed with ticket sales which are coming in much later than anticipated, as is reflected across the whole industry, caused a cash flow issue which led us to take the decision to cancel the event and put Venn Media into insolvency in a bid to minimise the impact across the whole supply chain.

“We wish to thank all of our suppliers, visitors and exhibitors for their support on this journey and apologise that the event will not be going ahead. We want you to know that no one is more disappointed than we are at this outcome. Having worked tirelessly for 18 months to put the event on, without taking any income from the business is bitterly disappointing for us all but we believe this is the right decision for all involved.”

In a statement the company said that due to financial difficulties following from the pandemic and financial crisis it had been unable to achieve the sponsors or ticket sales to go ahead with the event.

The company appointed Libertas insolvency practitioners and formally instructed them to place the company into  voluntary liquidation on 20 July.

Consumers with tickets were advised to seek refunds from their bank or credit card providers in the first instance. Creditors were warned they would be unlikely to be reimbursed any losses.

In a statement Venn Media said: “Libertas Associates Limited a firm of licensed insolvency practitioners has been instructed to assist in placing the company into creditors’ voluntary liquidation. Formal notice of the meetings will be despatched to all known creditors.

“Unfortunately, from information currently available Libertas have advised that it is unlikely that sufficient funds will be realised to facilitate a payment to creditors from the Liquidation. Creditors will be updated if this position changes.”

“Please accept our apologies for not being able to send out a personal message but as we trust you will appreciate, there are a significant number of people that will be affected by this and we were keen to put the message out as swiftly as possible. All known creditors will be contacted in due course.”

 

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