Newquay's K Fest has been postponed, after Radio 1 pulled out of sponsoring the event.

Originally scheduled to take place over the weekend of 21 July, organisers have released a statement saying that they were left with no option but to pull the plug on the event. A press release posted on the festival's official website said: "Radio One's decision [to pull out] came after Angel Music, their production company for the event, could not agree a production budget with Radio One that they were both happy with and subsequently pulled out. With no production company Radio One had no option but to pull out of the event too."

The statement goes on to say that the local council had already given K Fest 2007 the go-ahead, and that by the time organisers were told of Radio 1's decision, tickets were being sold for the event.

This news comes just weeks after the Surfers Against Sewage Ball was cancelled due to a lack of funding, as reported by Stranger here. It's at times like this that you're grateful for the Falmouth Sea Shanty Festival, which takes place this weekend (15 - 17 June). To read K Fest's statement in full, click here:

www.thekfestival.com