Leeds festival Wax:On Live has sadly been cancelled following the UK credit crunch.

“On forming the company there were two streams of investment scheduled in order to ensure the event was viable in year one,” event promoter Dan Blackledge explained. “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.”

“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,’’ Dan carried onto say.

Wax:On have instructed all ticket agents to give full refunds to all ticket holders.