Belfast's Titanic Lockdown festival has been cancelled because of poor ticket sales.

The two day festival set to be headlined by The Happy Mondays and New Order, was to take place on 1st and 2nd of June. But in spite of a major promotional campaign across Northern Ireland the festival has been cancelled one month ahead of the event.

The festival, to be held in a former shipyard hangar opposite the old headquarters of Harland and Wolff in the Titanic Quarter was to boast a stage dedicated to local artists including performances from Pocket Billiards, The Bonnevilles, Katie and the Carnival and Verse Chorus Verse.

Promoters Hydroponic have released a statement saying:

"Due to poor ticket sales in a challenging economic climate, it is with great regret and disappointment that we must announce the cancellation of the 2012 Titanic Lockdown summer festival.

Despite a huge wave of goodwill, ticket sales have been significantly slower than forecast for an event featuring such high profile acts. As a result, it will not be possible to deliver the event.

We would like to offer our sincere thanks to all who have supported, endorsed and believed in the project. In addition, we offer good wishes to all local festival organisers, promoters and artists currently beating the drum for the Arts in Northern Ireland. They make a wonderful contribution to the cultural life of our city in these bleak economic times.

No one is more disappointed than us that the event will not now be taking place, but unfortunately the circumstances are simply beyond our control.

All tickets will be fully refunded - please contact your ticket provider for details" 

For more information visit the Titanic Lockdown website.