Red List LIVE, a new U.K. festival dedicated to raising money for endangered species, has been postponed until 2010 as a result of the challenging economic climate.

The festival was due to be staged at Port Lympne Wild Animal Park in Kent from June 19 to 21. It would have raised money for conservation charity the Aspinall Foundation, but there were concerns about fulfilling the charitable aims of the event in the difficult financial situation.

There were also potential problems with the impact of other festivals, including the capacity increase at the Hop Farm Festival in Kent.

Organizers say they will still program a series of smaller events this summer as part of a five-year project.

The Zutons, the Wombats and British Sea Power were part of the festival line-up, although organizers say the decision was taken at an early stage to postpone, before final acts were booked and promotional activity was launched.

"We are very upset at having to make such a hard call, however we are confident that we have done what is right for the cause," said festival director Eddie Hill in a statement. "Foremost in our mind was the greater problems it could have caused had we made this decision further down the line."

Ticket-holders will receive full refunds.