Guilfest 'postponed' until next year
Guildford will be without Surrey's biggest music festival this summer for the first time in 23 years.
The borough council said the decision not to hold Guilfest in 2015 had been made after discussions with a potential operator, which it would not name.
Two separate companies run by Tony Scott went out of business after running Guilfest in 2014 and 2012.
Councillor Matt Furniss said the Stoke Park venue would be used instead to host Armed Forces Day this year.
Mr Scott, whose company Scotty Events Ltd had run Guilfest for years, blamed bad weather for the financial failure of the festivals in 2012 and 2014.
The 2014 festival attracted 45,000 people.
Live Nation ran the two-day Magic Summer Live in Stoke Park in 2013.
"The very dynamic way the music industry is changing has put a number of pressures on operators and that is what has occurred this time," said Mr Furniss.
"The operator we selected requested that we just postpone for this year to give them the best possible chance of running a very effective festival in Guildford in 2016.
"People will be disappointed, but hopefully they will understand."
Guildford is to host the UK's flagship event for Armed Forces Day on 27 June.
The council is planning activities including a service at Guildford Cathedral followed by a formal parade in Guildford High Street and a "picnic and proms in the park".
Last year's celebrations were held in Stirling, where a parade of Royal Navy, Army and Royal Air Force personnel, supported by military bands, marched from Stirling Castle through the city.