Britain's Guilfest music event has ceased trading after 21 years with debts of almost $500,000 (£312,500).

Organisers of the three-day concert in Surrey, England blame poor ticket sales and rainy weather at this year's (12) event for putting the festival at risk.

They also faced competition from the London Olympics and several huge gigs nearby for causing profits to plummet.

A spokesman for Scotty Events Ltd, which runs the festival, said an insolvency practitioner is dealing with the event's debts, estimated to be around $487,000 (£300,000).

Tony Scott tells the Bbc, "There was a lot of competition this year. The Olympics were on, a lot of people were going to that... There was Tom Jones playing up the road at Sandown Park, Bruce Springsteen was playing in London, and there was an awful lot going on around our weekend as well as the bad weather.

"I'd love to see Guilfest keep going, but I think it's got to be somebody who takes the helm or somebody who would need deeper pockets to do the job just to make sure it goes through."

Guilfest started life as the Guildford Festival of Folk and Blues. In recent years, headline acts have included Beach Boys legend Brian Wilson and The Who star Roger Daltrey.