Jabberwocky Festival, due to take place this Friday at London's ExCel Centre, has been cancelled by organisers All Tomorrow's Parties (ATP) with three days to go. 

ATP blamed poor ticket sales for the cancellation, saying that they could not afford to go ahead with the event. Founder Barry Hogan said in an official statement: "We have tried everything in our power to save this event and continue, but the losses we have recently incurred have unfortunately been too much for a company of our size to bear."

Before the announcement, rumours were already circulating online that the festival was on the verge of being called off. James Blake, Neutral Milk Hotel and Caribou were scheduled to play the inaugural festival. Pitchfork and Primavera Sound were co-presenters of the festival.

All Jabberwocky customers will be refunded in full. According to ATP, all other shows and ATP Iceland are still scheduled to take place.

Read the full statement below: 

It is with deep sadness we regret to inform everyone that as of today Tuesday 12th August 2014, ATP is being forced into cancelling this weekend's Jabberwocky festival. Refunds will be available to all customers at the point of purchase.

We have put everything into promoting Jabberwocky, and despite healthy ticket sales; all our efforts could not take those sales to the point that we needed to finally stage the event. Over the past month and all the way up until this moment we have tried every possible course of action to follow through in delivering Jabberwocky to you, but the position we unfortunately find ourselves in as a result of a succession of events that have lost money in an increasingly aggressive festival market, means we are no longer able to do so.

In the past ATP has weathered losses such as this and gone on with the show, taking huge direct financial blows as an independent company. But on this occasion, with an event of this scale and the high production costs that come with it - if we had gone ahead; it would have 100% been the end of ATP. We do not take this decision lightly and it was the hardest we've ever had to make.

All other ATP Presents shows will go ahead as planned, including ATP Iceland with our local partners there in 2015.

We apologise to all the people we have let down from fans to the bands, the venue and all the suppliers. We have tried everything in our power to save this event and continue, but the losses we have recently incurred have unfortunately been too much for a company of our size to bear.

For any questions, please contact us at feedback@atpfestival.com

Barry Hogan
All Tomorrow's Parties