Published Thursday, 17 May 2012
Happy Mondays were due to play their first Belfast gig in over 20 years. (© Getty)
In a statement the organisers said the announcement was due to poor ticket sales.
New Order and Happy Mondays had been due to headline the festival on 1 and 2 June in Belfast's Titanic quarter.
The 'boutique' festival would have been the first time the Happy Mondays had played Belfast in 20 years.
"Despite a huge wave of goodwill, ticket sales have been significantly slower than forecast for an event featuring such high profile acts. As a result, it will not be possible to deliver the event," the statement read.
"We would like to offer our sincere thanks to all who have supported, endorsed and believed in the project."
They offered good wishes to other local festival organisers, stating: "They make a wonderful contribution to the cultural life of our city in these bleak economic times.
The festival was organised by music promoters Hydroponic Music. A previous all-day concert T13 at the end of March launched the festival and featured performances from DJ Gilles Peterson, Soul Jazz Sound System and Roots Manuva.
All tickets for the event will be fully refunded and ticketholders are advised to contact their ticket providers for details.