Following on the heels of Drumcode cancelling their festival next month to take place in Malta due to Pollen not meeting their contractual agreements, word came down yesterday that the party promoter is filing for administration (UK term which equates to bankruptcy in the US).
The owners of Pollen (Streetteam Software Ltd.) had been trying to sell the company recently but due most likely to being not profitable, they were not able to find a seller for the entire company.
It appears that the different divisions of the company such as Pollen and their college travel division will be sold separately.
The have been many stories in the media recently regarding Pollen’s lack of refunds for their cancelled events dating back to 2021.
Just this spring Pollen announced they had a cash infusion of $150 million by two investors. It is unknown why the firm entered administration after this large cash inflow, assuming the investment was indeed made.