The organisers of Brighton Marathon say they have found a potential buyer to help pay the event’s debts and secure its future.
Grounded Events last week filed a notice of intention (NOI) to appoint administrators, putting a brief moratorium on any action by its many creditors, including suppliers and racewinners.
Today, a specialist business advisory firm it has appointed, FRP, said negotiations had been ongoing with potential investors, and it had now identified a preferred bidder.
It will now work with the bidder and Brighton and Hove City Council to secure next year’s event.
Phil Harris, Director at FRP, said: “We are now focused on getting a deal over the line that will secure the future of the business and the much-loved Brighton Marathon Weekend. We will provide an update as soon as we can.”
Tom Naylor & Tim Hutchings, Directors at Grounded Events, said: “Throughout this exceptionally challenging time for the industry and our event in particular, we have focused on finding a way to protect the future of Brighton Marathon Weekend.
“We believe that the process currently underway is the best approach to maintain the event’s positive legacy, and to continue inspiring thousands of new runners, while contributing to our city’s economy, and raising millions of pounds for charity.
“We would like to reiterate our thanks to our stakeholders, partners and the running community for their continued support and understanding.”
