The Wild Roots Festival, a highly anticipated music and adventure event in Sligo, has been cancelled, leaving ticket holders without refunds. Organizers announced that the festival, which was scheduled to take place over the June Bank Holiday weekend at Hazelwood, was a financial loss and had to be called off after a major promoter pulled out.
Liquidation and Refunds
In a letter to ticket purchasers, Mulhern Leonard and Associates, the appointed liquidator of NOC Shop Limited trading as Wild Roots Music and Adventure Festival, explained that the company is not in a financial position to reimburse ticket holders. The letter suggests that those who bought tickets using a credit or debit card should contact their card provider to request a reversal of the transaction.
Financial Struggles and Investor Withdrawals
Neil O’Connell, chairman of NOC Shop Limited, detailed the financial difficulties faced by the festival. The company had been struggling with a downturn in festival attendance across Ireland and the UK. Initial capital expenditure was financed by the directors and other investors, who are collectively owed over €1.2 million.
The inaugural Wild Roots Festival in June 2022 followed postponements in 2020 and 2021 due to the Covid-19 pandemic. Although the company refunded approximately 95% of ticket holders for the postponed events, ticket sales in 2022 did not meet expectations, leading to a trading loss of €343,000.
In 2023, ticket sales further declined to approximately €845,000, resulting in a loss of €574,000. The accumulated losses for NOC Shop Limited now stand at €1.018 million.
Failed Investment and Event Cancellation
In May 2023, the directors of NOC Shop Limited were approached by a large international promoter who expressed interest in investing in the festival. This investment was projected to increase ticket sales significantly and generate substantial profits over a five-year period. However, on May 17, 2024, the promoters informed NOC that they were postponing all investment decisions due to a significant decrease in their own event ticket sales.
Following this withdrawal, NOC Shop Limited incurred non-recoverable expenses of approximately €325,000 for the 2024 festival. Consequently, the directors, after seeking legal and insolvency advice, decided that the company could not pay its debts as they fell due and declared the company insolvent.
Apology and Final Remarks
Neil O’Connell expressed regret over the cessation of NOC Shop Limited’s operations, apologizing to creditors and investors. The cancellation of the Wild Roots Festival is a significant disappointment for festival-goers and the local community, highlighting the financial uncertainties and challenges faced by event organizers in the current economic climate.
According to the email received from the liquidator Wild Roots was cancelled on 13th May , tickets were still advertised for sale until ticketholders were told of the cancellation on 22nd May, something seriously wrong here.
Hi Mandie,
Looks like you are getting the refund 🙂
https://eirenow.ie/local-news/consumer-watchdog-demands-refunds-for-sligos-wild-roots-festival-organisers-face-hefty-fines-or-prison/