THE COMPANY responsible for the Greenwich Peninsula Festival has been put into administration after the “severe” financial impact of a “low turnout” to events.

The Dutch-roots festival of music, culture and international business – pledged £50k of Greenwich Council funds – was scaled-back with many events cancelled.

Organisers blamed “disappointing” crowd numbers at the festival for the watered-down timetable.

In a statement, a Greenwich Peninsula Festival spokesman said: “The turnout from the public has been disappointing to all events resulting in the premature closure of many across the country.

“The impact of the low turnout on the financials of the Festival has been severe and we have had to make the difficult decision to place the company into administration.

“We want to thank everybody who has played such a positive role in the development and realisation of the Peninsula Festival.”

The amount of public money allocated to the festival was controversial at the time, but Greenwich Council says it maximised return on its investment once it was clear low attendance was affecting the event.


A Greenwich Council spokesman said: "As well as withholding the final £10,000 payment of the original £50,000 fee, we moved our street entertainers to other areas in order to support traders and we ensured the contractors covered the costs of installing a large screen at the Tudor Barn for the remainder of the Olympics.

“The screen was used for six days and cost the Royal Borough of Greenwich £7,000 in transport costs. It would normally have cost £51,000 to hire for that period and so at an outlay of £47,000 it delivered a significant saving.

“It also enabled residents in Eltham, like those in Woolwich and Greenwich, to enjoy the atmosphere associated with watching Olympic events in a public space. The equivalent rental value of the screen meant that it more than covered the cost of our investment."