THE COMPANY behind the cancelled Park Proms event ‘exhausted its financial reserves’ in 2021 according to its appointed liquidators.

Whiteley-based Portland Leonard Curtis has revealed Podium Event Group Limited offered refunds for the postponed festival last year but had to withdraw that offer.

No new incoming cashflow and the company exhausting its financial reserves are cited as reasons for this decision - which has left hundreds out of pocket.

READ MORE: Bust Park Proms firm owes over £870,000 to businesses and ticketholders

The cancellation of the highly anticipated event at Broadlands Estate in Romsey follows a two-year delay in holding the event due to Covid-19 restrictions.

The Daily Echo has attempted to contact Michael James Hlavaty, the director of Podium, multiple times, but is yet to receive a response. 

Not enough tickets sold

Stewart Goldsmith, associate director at Portland Leonard Curtis said: "We appreciate that a lot of ticket holders will be wondering what has happened to the ticket sale money and that is something that will be investigated by the liquidators.

"An initial review of the company’s finances shows that substantial deposits for items such as artists, marquees, power and insurance costs amongst other things have already been paid and it does not appear at present that the directors have personally financially benefited.

"We can assure ticket holders that this aspect will be considered in more detail in due course as part of the liquidators’ investigation into the company’s financial position and the conduct of the directors."

Bournemouth Echo: Stewart Goldsmith, associate director at Portland Leonard CurtisStewart Goldsmith, associate director at Portland Leonard Curtis

READ NEXT: Festival-goers 'left high and dry' after company goes bust

Mr Goldsmith went on to say that not enough tickets had been sold to ensure the event could take place, resulting in its cancellation.

"The onset of COVID resulted in ticket sales being halted at a crucial time in the planning for the original dates.

"Once the event was postponed, ticket sales stalled and then the uncertainty as to when restrictions would be lifted resulted in further ticket sales being suspended.

"Although all the planning was in place for the event to be held this year, not enough tickets had been sold to make it viable, rather than risk trying to sell more tickets to fund the event it was decided it should be cancelled."

'Very disappointing'

Managing director of the insolvency firm, Carl Faulds added: "It is very disappointing for everyone involved that the event has had to be cancelled.

Bournemouth Echo: Managing director of Portland Leonard Curtis, Carl FauldsManaging director of Portland Leonard Curtis, Carl Faulds

"We have contacted all ticket holders and explained their rights to pursue a refund through their debit or credit card company, as on present information it does not appear that there will be any payment to unsecured creditors in the liquidation."
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