Pod Concerts, the company responsible for all concerts at the Pod complex, part of The Button Factory, and formerly the Electric Picnic, has gone into liquidation after failure to pay their tax bill, reports the Irish Independent.
Pod concerts went into voluntary liquidation on Friday after a request by owner John Reynolds to pay an outstanding bill of €750,000 over 16 months was denied by the Revenue Commissioners. Speculations as to the future of Pod Concerts were raised as far back as January, before Pod Concerts teamed up with Glastonbury organisers Festival Republic earlier in the year to form a new company, EP Republic, who now look after the Electric Picnic. This move means that the boutique festival, and largest Pod event, is completely safe, despite the liquidation.
Despite claims that Festival Republics purchase of Aiken Promotions share of interest in the Electric Picnic, the company now owns 61% of EP Republic, with Pod owning a mere 39%. EP Republic are also responsible for the upcoming Leonard Cohen gigs at The O2.
As well as the money owed to the Revenue Commissioners, Pod concerts were also in negotiations with IMRO over fees owed to them for 'public performance', though Reynolds claimed the Irish Music Rights Organisation was attempting to charge for 'non-music artists involved in the Electric Picnic'.
According to reports, the recession is not to blame for the company's debts, as accounts dating from 2005 suggest the company has losses of a massive €540, 000 that year. Though EP Republic gigs are untouchable, the outcome for currently scheduled Pod concerts is still unclear.
A high court hearing is due to take place on July 13th.