The British coastal city of Margate will be one festival down this year as By The Sea announced its cancellation.

Looking to reschedule, their website statement details its cancellation due to "a recent decrease in the saleable indoor capacity of the Hall By The Sea at Dreamland".

"This will come into immediate effect, meaning September's 2018 event is unfortunately no longer going ahead."

Those who have already secured early-bird tickets for By The Sea will be able to receive full refunds.

Despite the negative announcement, By The Sea remain optimistic in its plans to reschedule for summer 2019.

In previous years, By The Sea has hosted artists such as Metronomy, The Libertines, Everything Everything, Foals, Super Furry Animals, Wild Beasts and more.

You can read the full statement from the festival over at their website.