The UK festival scene has it’s first major victim of the credit crunch, with the 2009 Hydro Connect called off.

The event will take a break this year, with organisers planning to bring it back in 2010.

Promoter Geoff Ellis said: "The combination of extremely high costs incurred in order to stage the festival, and the fact that Connect's audience is arguably affected more by the credit crunch than some other festival markets, means that it would be foolish for us to expect the growth necessary to help Connect thrive in 2009. Although our initial business plan was based on the event making a loss in its initial stages, we would have anticipated a growth in attendees by year three. However, based on the current financial climate, we know this will not be achievable."

Argyll will get a series of smaller events under the Connect banner.