Following years of financial uncertainty and cancelled events, ATP has announced that it is closing down.

“It is with deep sadness we are announcing that ATP Festivals and live promotions are closing down,” the company said in a Facebook post. “After months of speculation, our funding for Iceland has been pulled and we are no longer able to continue so will be closing down the entire live side of ATP festivals and live promotions with immediate effect and going into administration.”

A planned event that was due to take place in Iceland will now no longer go ahead while all UK gigs have been appointed to new promoters and tickets transferred.

“We are very sorry we could not make this work and have tried to survive throughout all our recent losses but we are no longer able to trade and have to accept we cannot go on,” the company’s statement continues.

Weekenders organised by ATP experienced numerous problems this year as well as past events such as Jabberwocky. An event curated by Stewart Lee in April saw a number of acts pull out due to lack of payment while one curated that same month by Drive Like Jehu was cancelled after venue changes.