Organisers have blamed poor ticket sales for pulling the plug on the event which was expected to run 5-6 July in what would have been its sixth year.
However, promoter Vince Power issued a statement on the festival’s website announcing that it was ‘with great regret’ that he had decided to cancel the festival.
He said: ‘We have worked very hard to try to make it work but it has proved too much a of 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.
‘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.’
Ticket holders will receive a full refund from their ticket agents.