Organisers of Wax:On Live have cancelled the event because of the weak global financial market.

The bash, which was supposed to take place on May 31, was expected to feature acts including Primal Scream and Hercules and Love Affair.

Confirming the cancellation, promoter Dan Blackledge said: "We send out most sincere apologies to all of you that have bought tickets.

"We threw everything we had at the event to try and make it go ahead and we’re really disappointed we couldn’t see it through."

Blackledge said the festival was "unsustainable" due to "circumstances in the global financial market place".