Festival pulled due to adverse weather...

The cancellation of this year's Boardmasters Festival will cost the Newquay area around £45 million, it has been reported.

With weather conditions being ever more severe the Boardmasters team took the difficult decision to cancel the event, mere hours before gates were due to open.

Fans were left understandably disappointed, while artists such as Pete Murray - who flew in from Australia for the event - were forced to find other plans.

The BBC reports that the cancellation will have a negative impact on the Newquay area as a whole, with up to £45 million disappearing from the local economy.

Cornwall councillor Oliver Monk commented: "It's three days of maximum trade and cancelling it has a massive, massive knock on effect for all the businesses in town..."

It's a bitter blow for the South Coast, with one business reporting that an order of "several thousand" pasties had been cancelled.

Meanwhile, Boardmasters have confirmed that ticket holders will be refunded in full.

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