Indie festival training company has been in administration since March 2011 after new cash flow problems.
Raindance Festivals Ltd, the umbrella organisation for the Raindance Festival and Raindance training and educational programmes, is in administration after defaulting on debts to creditors and HM Revenue and Customs.
It is the second time Raindance has hit financial difficulties after going into administration in 2006. Financiers Dean Goldberg and Will Stevenson of financial services company Park Caledonia then purchased Raindance’s assets and became company directors but the organisation once again had to go into administration in March of this year to avoid compulsory liquidation.
According to Raindance founder Elliot Grove, a ”number of individuals” have newly invested in the company to ensure its future and a new board of directors consisting of ”recognisable names, some from within the industry, some from outside and some from Raindance” will be named shortly.
The company will rebrand as Raindance Independent Film plc.
Grove blamed the company’s financial deficit on the lack of commercial sponsorship for the Raindance Film Festival, which has struggeld to gain significant backing in the past three editions.
”We wanted to ensure the future of the festival and this was the best route to do that. I took a lot of advice, as did the directors of the then company, Dean Goldberg and William Stephenson, and this was the best way to do it. We have now secured most of the investment we need and we are happy. We expect to be out of administration in the coming weeks to months,” Grove told Screen.
”We were growing so fast. Like a lot of companies that grow quickly you get pain before you get gain. We’re now pleased with the direction things are going.”
Grove said the move would not affect Raindance’s relationship with the British Independent Film Awards (BIFAs), which was founded by Grove, and is still sponspored by Raindance. He also said the future of the Raindance Festival was not in doubt.
The 19th edition of the Raindance Film Festival gets underway in London on Sept 28 and runs until Oct 9. The indie showcase features 36 international premieres, 90 UK premieres and opens with Mike Cahill’s Another Earth.
The festival has a history of showcasing new talent, including the 2009 premiere of Down Terrace, the debut of Kill List director Ben Wheatley, as well as the UK premieres of Pulp Fiction, The Blair Witch Project and Christopher Nolan’s Memento.
The event has also screened its share of controversial features, including a A Serbian Film last year. This year’s festival includes the return to the screen of The Thick Of It actor Chris Langham in thriller Black Pond, which also sees the feature debut of comedian Simon Amstell.
Patrons of the festival include Ewan McGregor, Terry Gilliam and Ken Loach.