UK indieshowcase The Raindance Film Festival has been saved, it has emerged thisweek. The festival was previously organised through writer and producer ElliotGrove's Raindance Film Festival outfit. When the Raindance organisation went into receivership earlier thissummer, it looked as if the festival might have been dragged down too.

However,financiers Dean Goldberg and Will Stevenson have now purchased Raindance's assets from the receiver. They havere-constituted the company as Raindance FestivalsLtd.

Groveis no longer formally involved in running the venture but will stay on as aconsultant.

Goldbergand Stevenson both work for financial services company, Park Caledonia, one ofthe past headline sponsors of the British Independent Film Awards (BIFAs).

Raindance was a founding sponsor of the BIFAs and the new company will continue to sponsor the BIFAs. A BIFAs spokeswoman noted that the awards are organised by a stand-alone company, not by Raindance, and weren't ever in danger of being cancelled.

"Wesaw the worth in what the guys (at Raindance) weredoing," Goldberg told"Raindance and the BIFAsare good brands...the BIFAs are now a real mainstreamawards rather than just an indie thing."

Goldbergdeclined to reveal how much he and Stevenson paid for Raindance'sassets. He said that he and Stevenson will be "more business minded andcommercial" in the way they run Raindance, but will stay true to the values of the event.

Healso stated that Raindance's old creditors have beendealt with in "the correct has all been sorted outprofessionally. It wasn't a case of cutting and running. It has been done in amanaged and appropriate way."

Itwas announced earlier this week that Lou Reed and Judi Denchare among the jurors for the 2006 Raindance Festival,which runs from September 27 to October 8. The festival is now in its 14thyear.

"Thefestival has the resources to deliver, what promises to be, the best festivalyet," said Grove.