Vince Power has confirmed that this year's event will not go ahead due to poor ticket sales that "highlights the poor economic climate".
"We have worked very hard to try to make it work but it has proved too much of a mountain to climb and despite fighting hard, circumstances are such that based on poor ticket sales and the forecast selling rate substantial losses would be made," Power said in a statement.
"It is a surprise for us that after 8 weeks of heavy marketing and with such a great bill that we have to cancel, though we are convinced this does not reflect on the artists, it highlights the poor economic climate.
"We would like to thank all the staff, suppliers and contractors that have also worked very hard to try and put the festival on again this year."
He added: "We have to thank the artists and agents that have supported us over the years and for this year's acts to know that it has been a very hard decision to make, and we are very sorry that we are not able to have them play.
"We would also thank the fans that have supported us over the past 5 years, it is with great sadness that the decision was made."
All ticket holders will be refunded at point of purchase.
My Bloody Valentine, Rodriguez, The Horrors, The Cribs and Gaz Coombes were all booked to play the three-day music event in Kent.
Previous headliners for the event include Bob Dylan, Mumford & Sons, Tinie Tempah and Prince.