Bountiful Bristol Bulletin


News just in from The BIG GREEN GATHERING by nadiacatkinhillman
September 17, 2007, 10:40 pm
Filed under: News

It is with great regret that we have to inform you that the Big Green
Gathering Co. Ltd. is presently insolvent. Despite initial optimism,
the many and various bills which have arrived at our office since the
Gathering mean that we have made a further loss of approximately
£75,000 on this year’s event. When this is added to the accumulated
defecit with which we began the year, it means that we have a total
shortfall of approx. £150,000.
In these circumstances we are legally obliged to inform our creditors
and shareholders of our situation, and we have to face the fact that
unless the money can somehow be raised in the next month or so, we
will have to declare the company bankrupt and wind it up at this years
Annual General Meeting.
Despite this desparate situation, we have not yet given up hope. We
know we have very many dedicated supporters, shareholders and
Gathering participants who will not want to see the BGG go under, and
will do whatever they can to help. We still have a £50,000 overdraft
facility in place, and our guarantor has promised to stand by us, so
long as the remaining £100,000 can be raised. Our office manager,
Kerry, and book-keeper, May, are continuing to work despite knowing
that we may not be able to pay them. The board of directors are doing
everything they can to try and keep the company going, and the
following appeal is being sent to all our shareholders, staff and
customers. Please read it, and do whatever you can. Together we can
still save the BGG.
Brig Oubridge, Chair.

Urgent help needed – BGG in danger of financial collapse
As we noted in the programme for this year’s Big Green Gathering,
licence conditions imposed by Mendip District Council and Avon &
Somerset Police added around £120,000 to the costs of this year’s
event. Now that the bills have all come in, it is clear that rather
than the profit we might otherwise have expected, these extra costs
have left us with a loss of £75,000 this year.

Having already built up a defecit of similar proportions in 2005 and
2006, this means that the Big Green Gathering Co. Ltd. now has debts
exceeding its assets by around £150,000, and will have to declare
itself bankrupt unless we can urgently raise at least £100,000 to stay
in business (we already have a £50,000 overdraft guarantee in place,
and our guarantor is prepared to stand by us if we can raise the balance).

These may seem like frighteningly huge sums, but are only a fraction
of our annual turnover of around three quarters of a million pounds.
The total 3-year loss is still less than £10 each for everyone who
attended this year’s Gathering. Provided we can prevent future costs
continuing to escalate as they have in the past couple of years, the
situation should still be recoverable if we can get through the
present crisis. On the other hand, if we were to default on our
creditors now, and the company went under, it would probably be
impossible to re-start the event without a start-up capital of at
least a quarter of a million pounds.

There is only limited time in which to act. Bills are already overdue
for payment, and our creditors need to have confidence that we can
sort ourselves out to prevent any of them petitioning for the company
to be wound up. To create that confidence, we need to have raised
substantial funds by the end of this month, and to know that we are
definitely in a position to carry on well before our Annual General
Meeting in November.

Please act now to do whatever you can to help save the Big Green
Gathering.

Donations may be sent by cheque to BGG, 10 St Johns Sq., Glastonbury
BA6 9LJ, or made on line via the new donations page on our website.
[Please note that cheques are preferable, as on-line donations are
subject to a 4.5% processing fee and a 30-day delay.] Cheques will not
be banked unless and until the directors consider that sufficient has
been received to give us a realistic chance of avoiding bankruptcy.
Pledges of large amounts, whether as donations or loans, should be
sent by email to kerry@big-green- gathering. com, as should any other
ideas or suggestions for rescuing the situation.

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1 Comment so far
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Comment by Bill




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