The Wax:On Live festival, due to take place at the end of this month with headline sets from Hercules & Love Affair, Reverend & The Makers and Primal Scream due to financial problems.
In a statement, the organisers said: "The festival fell victim not to poor ticket sales or lack of support and dedication, but to the credit crunch that has the UK in the grip of an economic stranglehold. On forming the company there were two streams of investment scheduled in order to ensure the event was viable in year one. This morning we have been informed that due to circumstances in the global financial market place and its knock on effect, the event has become unsustainable".
Ticket holders should seek refunds at point of sale.
Wax:On club nights will continue to take place in Leeds, Newcastle and Brighton. More info here: www.waxonlive.com