THE former owner of a Poole music club is holding his hands up to owing more than £40,000 over a cancelled festival.

Mark ‘Kyp’ Kyprianou, who ran the popular Mr Kyps in Parkstone for 20 years, has told how he initially fell £85,000 in debt after cancelling the Upbeat Festival at Upton Country Park this summer.

The promoter said he gave up the music club before the festival was due to happen.

He paid off some of the debts including payments to headline acts that did not have to appear.

But Kyp says he still owes £10,000 to the BIC over an advance given to him for ticket sales, £10,000 in tax and £10,000 to Poole Council over the hire of Upton County Park.

He said £3.500 is owed to a catering company, £2.500 to a health and safety company, £2,000 to an events company and £2,500 to a printing company.

Kyp said eight different local bands are owed a total of £3,500.

“I’m the sole director of the festival and the liability lies with me and nobody else, he said.

“I’m trying to raise the funds to run the festival next year but of course there’s some angry creditors out there.”

Kyp said he had to hand the lease for Mr Kyps in Ashley Cross back to his landlords in May, before the new owners took over.

“I want to have another festival next year and raise enough to pay off the creditors,” he added.

The Upbeat Festival was due to take place over the August Bank Holiday weekend but an announcement was made that it was being cancelled over poor weather and difficult trading conditions.

The local bands due to appear had paid for tickets and sold them on themselves.

Matt Park, from the band Empire Affair, said they had not been able to refund the tickets they sold.

He said: “We’ve been upset about the money because it’s hard keeping the fans on our side.”

Joey Daley, from Brave Mariner, said: “It’s a shame for the venue but we lived up to our side of the deal.”

THE new owner of Mr Kyps is hoping creditors of the Upbeat Festival understand the music venue is not liable.

Ralph Walsh is hoping for a bright future at the 300-capacity club and is excited about his future plans.

He said: “Maybe we should’ve changed the club name but it’s a good brand. We are getting regular calls and I’m having to tell the office guys to politely tell people they have to deal with Mark Kyprianou.

“I would love to have the funds to pay them out of sympathy. “It’s very awkward.”

Ralph said he arranged to take over control of the club with the landlords before the festival was cancelled.

“It would’ve happened anyway and we were hoping to complete in April,” he said.

Ralph said he is looking forward to trading over Christmas and next year and said a new arrangement with a performing arts company also using the venue will help with income.

He confirmed Mark Kypryianou is now an employee at the club.