Financial Struggles at Insomnia Gaming Festival
Insomnia Gaming Festival’s Financial Woes
In early September, Insomnia 73 was supposed to offer a weekend of gaming, esports, and cosplay fun for fans of all ages. However, the event didn’t happen, and numerous companies are still awaiting payments from the previous edition.
Player1 Events, the company behind the Insomnia Gaming Festival, has managed to pay back many freelancers from Insomnia 72. Despite this effort, the company still owes over £500,000 to various businesses involved.
Companies Awaiting Payments
Among the companies still owed money are:
- High Viz Media Ltd: Owed £34,213.80, offered £3513.76
- Protec European Events: Owed £71,011
- Emblem Events & Exhibitions: Owed £70,543
- Five Star Crew Company: Owed £20,830
Player1 Events recently made an offer to repay these debts at a rate of 10.27 pence on the pound, but this offer was rejected. As a result, Player1 Events is entering a Creditors’ Voluntary Liquidation (CVL) to address the outstanding debts.
The Path to Liquidation
The financial issues began after Insomnia 72, held from March 29th to April 1st. Contractors noticed that payment deadlines had been missed by two weeks. Public complaints followed, and a report revealed that the entire staff of Player1 Events had been laid off.
Initially, Player1 Events planned to enter a CVL but opted for a Company Voluntary Arrangement (CVA) instead, hoping to negotiate with business creditors. However, the CVA was rejected, pushing the company towards a CVL to liquidate assets and repay debts.
Leadership Changes
Paul Wedgewood, CEO of Player1 Events, has appointed a new Director, Michael Virks, to help navigate the company through this challenging period.
Future Prospects
As of now, the companies owed money are waiting for the CVL process to begin, hoping to receive some form of repayment for their services at Insomnia 72. Esports Insider has reached out to Paul Wedgwood for further comments and will provide updates as more information becomes available.
