Refunds for tickets to Looe Music Festival should be available “in a few weeks.”

Organisers of the event have said ticketholders will be contacted by a receiver once one is appointed.

It is after the charity that puts on the festival folded earlier this week, leaving the future of the event in question.

A festival spokesperson said: “Several people have posted on Facebook saying they’ve applied for a refund via Paypal. If you’ve bought tickets and can’t get a refund, you should be contacted in a few weeks by a receiver, once one is appointed by the court.”

There is still some hope, however. On Wednesday a group of residents, bed and breakfast owners, publicans and music fans gathered at Millpool in the hope of organising an alternative festival, called Looe Saves The Day.

They are aiming to raise £30,000 by today to enable the festival to go ahead in a revised format.

Headliners The Stranglers and The Waterboys will no longer be playing at the event, but if the group can raise the five-figure sum, a replacement festival will go ahead.

The trustees of Looe Music Festival have now issued a statement, praising the “resilience” of the town and its people.

They said: “You may have seen that the people of Looe are planning to put on a series of events in the town over the ‘Festival Weekend’. It’s great to see the resilience of our lovely town.

“We note that more details, including how to get involved, can be found at www.facebook.com/looesavestheday.

“We do need to point out, however, that these events are not connected with Looe Music Festival.”

They said it was “with much regre” that Looe Music Festival had ceased trading, adding: “The trustees of Looe Music Festival would like to express gratitude to all those who have been in touch at this difficult time.

“Thank you for your messages of support. We’re unable to respond to you individually, as the office is now permanently closed.

“We’re deeply saddened to have to cancel what has been such a wonderful part of our lives for the last seven years.”