Ingenious and Cream are delighted to announce that they have agreed to further extend their successful relationship dating back to 2001. The Ingenious Live VCTs have agreed to co-promote the second day of Creamfields, one of the world's leading dance festivals which celebrates its 10th anniversary this year. Expanded to a two day event this year, the festival takes place on 23 and 24 August in Daresbury, Cheshire and will be headlined by acts including Kasabian (a 2008 UK festival exclusive), Fatboy Slim, Underworld, Paul van Dyk, Tiesto and Soulwax.
The VCTs will provide funding in excess of £1 million to form a new company, 'CFDT Limited' to promote the festival alongside CI Events - a wholly owned subsidiary of Cream. Traditionally a one day event, the festival is to be extended this year to include two full days of music.
Creamfields has established itself as arguably the world's leading dance festival, and is ranked among the UK's top five annual live music events, alongside Glastonbury, V and Reading. Beginning life in Winchester in 1998, the festival moved to Liverpool the following year, and has regularly attracted audiences in excess of 40,000. Creamfields is the only festival concept that has successfully been exported globally, with events staged in over 12 countries, including Argentina, Spain, Brazil, Poland and the Czech Republic.
Ingenious Live VCTs, which raised over £18 million, making them the largest specialist VCT fundraiser in the 2007/2008 tax year, invest in the live events sector targeting concerts, festivals, conferences, trade fairs, exhibitions, 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.
Duncan Reid, Commercial Director of Ingenious, said:
''While festivals spring up across the country, Creamfields continues to go from strength to strength. Having cemented its position as one of the highlights on the music calendar, it has built up a wide and loyal fan base. Ingenious has a long association with Cream and knows its ability to attract outstanding talent, as witnessed by the headline acts at Creamfields this year. I'm delighted that we are able to support the festival's expansion in this, its tenth anniversary year''.
James Barton, CEO of Cream, said:
''We are delighted to be expanding our relationship with Ingenious and to be part of their ongoing investment into music and events. Using their investment we are able to deliver on our promise of the best Creamfields to date''.
For further information please contact:
Duncan Reid Ingenious Media
0207 319 4000
Andy Berry/Paul French
Fishburn Hedges
0207 839 4321
Gill Nightingale
Cream PR
0151 707 1309
About Ingenious
Ingenious Media, which was founded in 1998 by Patrick McKenna, former Head of the Media and Entertainment Group at Deloitte and chairman and CEO of the Really Useful Group, is a specialist media investment and advisory business with five divisions; Asset Management, Consulting Network, Corporate Finance, Investments, and Ventures.
As the market leader in media investment and strategy, Ingenious provides the full range of services to companies in the media sector, from strategic and corporate finance advice to private equity funding, as well as providing innovative investment solutions for the private investor.
Visit www.ingeniousmedia.co.uk or www.ingeniousvcts.co.uk for more.
About Venture Capital Trusts (VCTs)
Provided that shares in a VCT are held for at least five years, qualifying investors receive income tax relief at the rate of 30% on the amount subscribed for VCT shares up to a maximum of £200,000 in any one tax year. Dividends and gains on the disposal of Shares are currently exempt from tax in respect of investments not exceeding £200,000 in any one tax year. Ingenious Live VCT 1 plc and Ingenious Live VCT 2 plc are VCTs which are listed on the London Stock Exchange.