Monday 21st July 2008
Ingenious Live VCTs back music festival Creamfields, a dance festival to be held next month in Cheshire, has secured finance of more than £1 million from the Ingenious Live VCTs. The trusts, which invest in the live events sector, will back the second day of the festival.
Ingenious will use the funding to form a new company, CFDT, which will promote Creamfields alongside CI Events, a wholly owned subsidiary of festival organiser Cream.
This is the tenth year of the Creamfields festival, which has traditionally been a one-day event but is being extended to two days this year with Ingenious’ backing. This year it will feature acts including Fatboy Slim and Paul van Dyk.
Says Duncan Reid, commercial director of Ingenious, ‘While festivals spring up across the country, Creamfields continues to go from strength to strength. Having cemented its position as one of the highlights of the music calendar, it has built up a wide and loyal fan base.’
The Ingenious Live VCTs raised over 18 million last tax year and invest in concerts, conferences, trade fairs, sporting events and theatre. Previous investments in the live music arena last year included the Underage and Field Day festivals and a series of concerts at Powderham Castle in Devon.
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