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Festival at Brixton Academy pulled can confirm the Friday leg of Playground Festival has been cancelled, meaning the event will not go ahead in any way, shape or form.

The two-day event, featuring the likes of Gary Numan, Squarepusher and Leftfield, was originally due to go ahead this Friday and Saturday, both day and night, at Brixton Academy, however last week it was revealed the Saturday date would not go ahead due to a lack of ticket sales.

Today, however, a statement on the Playground Festival website has confirmed the event will not go ahead at all. It read as follows:

'We are sad to say that after much of a battle here we have been left with no option but to cancel the entire Festival. After poor ticket sales and an investor parting ways with us we weren’t able to rectify the matter.

Any tickets bought from Trackitdown, Ticketweb, Resident Advisor, See Tickets, Skiddle, Stargreen, Wegottickets, Fatsoma, Artist Ticket, Groupon will be refunded immediately.

Further announcements to be made about refunds and the status of the rescheduled 13th July event at KOKO.

After seven years of running events we appreciate all the support we have had so far although MEDIAGROUND LTD. Has been left with no option but to file for insolvency moving forward.

Further info to follow.'

What's going on here? Could it be the UK festival circuit is reaching a point of saturation? Tell us what you think...