The future of Peats Ridge Festival is in doubt, according to a statement released by festival and creative director Matt Grant moments ago.
The statement reads as follows:
“In the wake of what was an incredible 2012 Peats Ridge Festival, it is with great regret that I have to announce that the income from ticket sales and other sources fell below that required to meet the costs of the event.
As a result, the Festival’s accountants have advised that the entity that runs the Festival be wound up.
We are in discussion with various parties about the future of the Festival and will release information as soon as it becomes available.
I would like to thank everybody involved in creating the 2012 Festival and for making such an extraordinary and memorable event possible."
It's not been a good week for the Australian festival scene, with Rainbow Serpent also in trouble (albeit for different reasons).
Stay tuned as this one unfolds.