The organisers of the controversial Tenby Folk Festival have announced that the event will not be held this year.

In a statement issued on Wednesday, spokesman Arthur E. Turner-Thomas said: "Tenby Folk Festival is postponed until 2010 to enable the organisers to establish a sound financial base and deliver a standard of music festival unrivalled in South and West Wales.

"Refunds of ticket purchases are available through official outlets."

As reported by the Observer in September, an investigation was launched by Dyfed Powys Police following a complaint regarding last year's event.

The matter, police said at the time, included an allegation of non-payment of fees.