The so-called “Sound of Summer” music festival featuring Rita Ora, The Vamps, Rudimental, and Rak-Su has been cancelled weeks before it was due to take place on August 3rd. The concert, branded as “Derby Sound”, was planned for the Derbyshire County Cricket Ground. However, despite the headline acts, tickets were not sold and the show has been cancelled.
Although Derby Live were one of the many ticket agents, the promoter/presenter was a company called D-Hive Ltd.
Who is D-Hive?
D-Hive is a wholly owned subsidiary of the University Hospitals of Derby and Burton NHS Foundation Trust, set up to “manage commercial operations and provide benefit back to the Trust for reinvestment into its healthcare services for the benefit of the communities it serves”
According to the last set of accounts the principal business of D-Hive is to provide “medical services”. It owns another company called Clinicians Connected Ltd which provides professional recruitment on behalf of the NHS Trusts. D-Hive has 4 employees ( who are re-charged from the Foundation Trust) and Clinicians Connected has zero.
Neither company is in a sound financial position. D-Hive has lost £140k in the last 2 years, and it has had to inject £90k into its subsidiary to try and keep it afloat. According to the accounts, all of D-Hive’s resources have been channelled into the purchase of new equipment leaving it in a very fragile financial position.
The Directors of D-Hive are also Directors of the Foundation Trust as well as the Derby Hospitals Charity.
For a company which had a net worth of just under £1m at 31 March 2018 (principally following a cash injection of £1m in March 2017), it is set to grow significantly.
On the 5 March 2019, it sold 1 additional share for £14.5m!
On the 31 March 2019 the company entered into “mortgage” agreements using the Foundation Trusts hospitals ( excluding Royal Derby) as collateral for the loan. The value of the loan has not been disclosed.
Why was a company, run by hospital executives, funded by the NHS, involved in putting on a music festival? What was their experience in promoting such an event? How much money has been lost to the NHS by this venture?
Given the massive cash injection and the mortgaging of hospital assets – what is the underlying story which this folly into pop promotion has exposed?