The founders of Camp Bestival, Rob and Josie Da Bank, have said they are “back in control” of the festival after it was forced into administration by creditors last month.

Creditor Richmond Group filed the administration notices at the High Court after the company extended a loan of up to £1.6 million to the festival in February of last year. Richmond Group also made a £1.1 million offer to acquire the brand and assets of Bestival Group, with the aim of running Camp Bestival in the future.

However, it has been announced that the Da Banks have reached an agreement with Live Nation and SJM.

A statement on the Camp Bestival website said: “With the help of Live Nation Gaiety and SJM we will really be able to bring more of our creative vision to life with the support structure needed going forward.

“Our aim has been and will always be to create the best ever family festival. We look forward to sharing this new chapter with you. More news very shortly.”

No comment has been made about the future of Bestival, which relocated to the same venue from the Isle of Wight last year.