Bestival sold to Amigo

THE millionaire behind Amigo Loans has bought the Bestival and Camp Bestival music festivals, days after threatening to put them into administration.

James Benamor, 41, lent the festivals £1.6m last year, but issued administration notices in the High Court last week.

His Richmond Group is now paying £1.1m for Bestival’s assets and brand. Bestival is held in Dorset. Family event Camp Bestival is held in the Isle of Wight, and its final day was cancelled this year due to bad weather.

Benamor said: ‘We are keen to ensure that this fantastic institution goes on to delight families and local businesses.’

Amigo Loans has come under fire for interest rates of 49.9pc. Revenues in the three months to June 30 rose 47pc, to £62.9m.