Lowestoft Air Festival cancelled over lack of money

Organisers of the Lowestoft Air Festival which attracts up to 240,000 people have failed to secure funding required to host the show in 2013.

Visitor numbers were down at the event this June and organisers said it would not go ahead next year unless money was secured for a wet weather fund.

They hoped to raise £60,000 when they met with local businesses on Friday.

Half of the money was offered but it was not enough and organisers confirmed the festival would not go ahead.

Paul Bayfield, managing director of the festival, said he "didn't have an option" but to cancel the event.

"It would have been totally financially irresponsible to have gone ahead with the show next year, because if the same weather hit us we would not have had the money to pay all our suppliers," he said.