Mardi Gras goes bust...
As had been widely expected Mardi Gras in London has gone into liquidation. Good job too. Below is the press release. The other good news is that there are plans afoot for there to be a free Pride festival next year! Hurray! (Hey, if Brighton can do it...)
”At the annual general meeting of the Mardi Gras shareholders on Thursday night a decision was made to commence proceedings to place the company into creditors voluntary liquidation. "The shareholders have formed a view, after careful analysis of current funds, that the company will be unable to pay debts as and when they fall due" said Chairman John Miskelly.
The Mardi Gras team has produced a massive Pride festival in London for the last five years. The company also organised the annual Pride Parade through the streets of Central London. Mardi Gras was formed as a limited company in early 1999 in reaction to the financial collapse of the previous organisers a year earlier. The first three events were held in north London¹s Finsbury Park before moving to Hackney Marsh in 2002. Organisers had, meanwhile, been negotiating for the right to hold the festival in Hyde Park. This ambition was finally realised this year. However due to some of the worst weather conditions this summer the anticipated sale of on-the-day tickets did not happen leaving the company financially in the red.
London is unique among Prides in that it does not attract grant or fund money. "We were, as shareholders, footing an increasingly unacceptable production deficit each year" said Miskelly. " The one year we did make a profit was far outweighed by the deficit years".
Director Jason Pollock said that already discussions were taking place within the LGBT community as widely as possible and that plans are already in place to stage a major free Pride festival in Central London during summer 2004. These plans also safeguard the future of the Pride parade. More announcements will be made soon.”