Corporate clients were told that the London Opera Festival at the Tower of London was to be an annual hospitality highlight. However, VIP package buyers are being told they stand little chance of getting their money back, after IOP director Christopher Palmer-Jeffrey liquidated the company on 22 May.
However, Neil Gibson, managing director of GIA Insolvency, told C&IT that those who booked through the website CTS Eventim would be protected and can get a refund.
"The festival aimed to make around £1m to break even and it became obvious that it wasn't going to meet that target," he added.
Companies losing out are believed to include city banks and law firms. The Tower of London has not put in for a claim, according to Gibson, who was unaware if they had any cancellation fees in place.
Seats at the festival, which was set to include The Rostov State Opera's performance of Puccini’s Madama Butterfly, were retailing for around £4,500. The corporate package included dinner and a table for guests in front of the performances.