Comedy festival firm had debts of more than £200k

The firm behind one of the UK's biggest comedy festivals accumulated debts of more than £200,000 before it ceased trading, according to the Live Comedy Association.

The Big Difference Company - which ran Leicester Comedy Festival - announced earlier in August "with great sadness" that it had become insolvent.

A new festival has been set up - the Independent Comedy Festival - by stand-up comedian Alex Hylton and promoter Colin Bowles, who said it would take place in February 2027.

The LCA said more than 100 people had been listed as being owed money in a statement of affairs, but added it had received information that this figure could be a "conservative" estimate.

FRP Advisory, which is working with the firm on the liquidation process, told the BBC the association's figures "aligned" with the statement of affairs, which has not yet been made public.

The document is an initial snapshot of the financial position of an organisation, using accounting information provided by the business.

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.

Leicester City Council previously said it would work with promoters and venues "to ensure that an interim comedy festival programme can take place in 2027".

The LCA said it had received emails from members confirming they were owed money, adding that many of these people were not listed in the statement of affairs which meant the totals owed "could be underestimated".

It said the organisation itself was owed £103 from an event it produced as part of the festival and this amount was not listed on the creditors list.

The organisation added that it had launched a fundraiser to help support people who had not been paid.

In May, it emerged that hundreds of comedians had been unpaid following this year's festival.

Jessica Toomey, chair of the association, said: "The vast majority of people owed money are freelancers or sole traders who can't afford to just lose their money and not receive anything.

"In our world there is no safety net or official support for people who don't get paid money due to them."

A statement released by the directors of The Big Difference Company when it ceased trading said: "The directors and management team have worked tirelessly to avoid this outcome, exploring a range of options, including cost reductions, operational changes and seeking additional funding and support.

"Despite these efforts, it has not been possible to secure a sustainable financial future for the charity.

"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."

The BBC has approached The Big Difference Company for comment.

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