“With this deal, we have piloted the company into a safe haven,” says CEO Ritty van Straalen about the acquisition.
Due to the corona crisis, the event sector, including festivals, was almost completely at a standstill last summer. Last September, ID&T announced that it would have to cut about 40% of its jobs as a result of the corona crisis.
The company received €8 million in emergency funding from Rabobank and an additional €8 million from shareholders. “Even the employees have waived part of their salary and holiday pay and converted that into a loan of more than €3 million. All those amounts can now be repaid,” says Van Straalen.
The corona support that ID&T has received from the government this year will also be reimbursed.
According to Van Straalen, the first talks between ID&T and Superstruct already took place in 2019. “Covid has delayed the process for a year and a half,” he said in a statement explaining the deal.
Founders of various festivals and management members of ID&T become shareholders of Superstruct. Further financial details of the transaction are not disclosed.
On Wednesday it was announced that ID&T, together with the organization Unmute Us, Apenkooi Events and MOJO, are taking the government to court.
They disagree with the cabinet’s decision to allow only 75% of the visitor capacity at events without permanent seats indoors and to keep the closing time of clubs at midnight.
Earlier this year ID&T initiated summary proceedings against the State on behalf of the industry, but later withdrew it.
In total, about 130 people work at ID&T. Every year the company organizes about seventy events with a total of around 1.5 million visitors.
Dutch festival giant ID&T in British hands | Financial
Source link Dutch festival giant ID&T in British hands | Financial