FW: Big Green Gathering facing financial ruin !

[sharon pollitt]

>From: theo at seizetheday.org
>To: coloursandcracks at hotmail.com
>Subject: Big Green Gathering facing financial ruin !
>Date: Tue, 25 Sep 2007 14:34:59 +0100 (BST)
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>	Big Green Gathering facing financial ruin !
>	Your help is needed to save the Big Green Gathering
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>		Below is the text from an email concerning the financial crisis that is 
>currently threatening to end the Big Green Gathering:
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>--------------------------
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>It is with great regret that we have to inform you that the Big Green 
>Gathering Co. Ltd. is presently facing its biggest ever financial crisis. 
>Despite initial optimism, the many and various bills which have arrived at 
>our office since the Gathering mean that we have made (on our current 
>estimate) a further loss of between £60,000 and £75,000 on this year's 
>event. When this is added to the accumulated deficit with which we began 
>the year, it means that we have a total shortfall of approx. £150,000.
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>In these circumstances we have to face the fact that unless the money can 
>somehow be raised in the next month or so, we will have to declare the 
>company bankrupt and wind it up at this years Annual General Meeting.
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>Despite this desperate situation, we have not yet given up hope. We know we 
>have very many dedicated supporters, shareholders and Gathering 
>participants who will not want to see the BGG go under, and will do 
>whatever they can to help. We still have a £50,000 overdraft facility in 
>place, and our guarantor has promised to stand by us, so long as the 
>remaining £100,000 can be raised.
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>The board of directors are doing everything they can to try and keep the 
>company going, and the following appeal is being sent to all our 
>shareholders, staff and customers. Please read it, and do whatever you can.
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>Together we can still save the BGG.
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>Brig Oubridge, Chair.
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>Urgent help needed - BGG in danger of financial collapse
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>As we noted in the programme for this year's Big Green Gathering, licence 
>conditions imposed by Mendip District Council and Avon & Somerset Police 
>added around £120,000 to the costs of this year's event. Now that the bills 
>have all come in, it is clear that rather than the profit we might 
>otherwise have expected, these extra costs have left us with a loss of up 
>to £75,000 this year.
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>Having already built up a deficit of similar proportions in 2005 and 2006, 
>this means that the Big Green Gathering Co. Ltd. now has debts exceeding 
>its assets by around £150,000, and will have to declare itself bankrupt 
>unless we can urgently raise at least £100,000 to stay in business (we 
>already have a £50,000 overdraft guarantee in place, and our guarantor is 
>prepared to stand by us if we can raise the balance).
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>These may seem like frighteningly huge sums, but are only a fraction of our 
>annual turnover of around three quarters of a million pounds. The total 
>3-year loss is still less than £10 each for everyone who attended this 
>year's Gathering. Provided we can prevent future costs continuing to 
>escalate as they have in the past couple of years, the situation should 
>still be recoverable if we can get through the present crisis. On the other 
>hand, if we were to default on our creditors now, and the company went 
>under, it would probably be impossible to re-start the event without a 
>start-up capital of at least a quarter of a million pounds.
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>There is only limited time in which to act. Bills are already overdue for 
>payment, and our creditors need to have confidence that we can sort 
>ourselves out to prevent any of them petitioning for the company to be 
>wound up. To create that confidence, we need to have raised substantial 
>funds by the end of this month, and to know that we are definitely in a 
>position to carry on well before our Annual General Meeting in November.
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>Please act now to help save the Big Green Gathering.
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>--------------------------
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>		Links:
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>			http://www.big-green-gathering.com/index.php?pageid=233
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>			http://shop2007.big-green-gathering.com/index.php?main_page=index&cPath=76
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>		25-Sep-07
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