Pod Concerts goes into liquidation

MUSIC PROMOTER John Reynolds is owed €1.051 million and has personally guaranteed almost €800,000 of debt to Allied Irish Banks (AIB) following the liquidation of his company, Pod Concerts.

The company was placed in liquidation at a meeting of its creditors yesterday ahead of an application by the Revenue Commissioners in the High Court next Monday to wind up the firm over a debt of €800,000 in unpaid tax.

Pod Concerts promoted the Midlands country music festival in 2006 and 2007, the Lovebox dance music festival in 2007 and the Electric Picnic music festival up to October 2008.

The company said in a statement it had no association with this year’s Electric Picnic or any upcoming shows produced by Mr Reynolds, including any shows in his venues or the Leonard Cohen concerts later this month.

Accountant Declan McDonald of Grant Thornton was appointed liquidator. The Revenue’s winding- up application will be withdrawn following the appointment.

Electric Picnic is now owned and run by a company called EP Republic following the sale of a substantial stake in the event to UK promoter Festival Republic.

Pod Concerts said the proceeds from the sale of the stake were used to pay creditors 72.5 cents for every euro they were owed, as well as almost €500,000 to the Revenue.

The company said it expected the Revenue to agree an arrangement whereby it would pay the remaining €800,000 tax debt over 18 months. “This was not acceptable to the Revenue Commissioners,” the company said.

It said sums owing to trade creditors were “underestimated” by €351,000 and this was the subject of legal proceedings taken by the firm. Pod said it was also owed more than €600,000 by Rag Lane Entertainment, which co-promoted the two Midlands festivals.