The company that runs the Leicester Comedy Festival has ceased trading. In a statement, directors of Big Difference Company announced "with great sadness" it had "become insolvent and ceased trading".
It comes weeks after it submitted a serious incident report to the Charity Commission over ongoing financial issues. The directors of the festival, which started in 1994, cited "increasing costs, a difficult funding environment, and significant pressures within the live comedy sector" as factors in its decision.
Harry Hill, Matt Lucas, Graham Norton and Sarah Millican are among the well-known names who have performed at the event over the past three decades.
"For 32 years, [the festival] has been an important part of the cultural and economic life of our region, showcasing comedy talent, attracting visitors, and supporting local businesses and venues," the directors said.
"We acknowledge that this news will be deeply disappointing to staff, performers, venues, promoters and supporters."
The Big Difference arts venue was repossessed in July
In May it emerged hundreds of comedians said they were unpaid following this year's festival, and in July an arts venue managed by the charity was repossessed due to the "non-payment of rent and insurance".
The directors said they "worked tirelessly to avoid this outcome", including looking at reducing costs and seeking new funding, but said it was "not possible to secure a sustainable future".
"We recognise the significant impact this will have on our employees, performers, venues, suppliers and other creditors, and we are sincerely sorry to all those affected," they said.
"Our immediate focus is to meet our legal obligations and engage constructively with stakeholders throughout the insolvency process.
"Looking ahead, we remain committed to working with stakeholders, including Leicester City Council, funders, venues and the wider community, to explore how a sustainable long-term future can be secured for this much-loved festival."
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