EXCLUSIVE: Peats Ridge Festival To Cease

The much-loved New South Wales New Year's Eve camping festival Peats Ridge is no more, festival organisers have confirmed to theMusic.com.au today.

In news that will come as a shock to some, the festival's accountants have advised that the event's financial situation cannot be saved and as a result must wind up.

Run by The Festival Company, Peats Ridge's Creative Director Matt Grant said today, “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.

He added, “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.”

The event was acclaimed for creating an atmosphere amongst punters as well as its environmental approach.

The Festival Company were also organisers of Sydney's Surry Hills Community Festival last year. Grant said today, "The Surry Hills Neighbourhood Centre will continue to be the promoters of the Surry Hlls Festival and this process in no way effects either The Surry Hills Festival or the Neighbourhood Centre."