Boardmasters festival has been cancelled, just hours before gates were set to be opened, following severe weather warnings.

Strong winds and storms are predicted in Newquay, Cornwall, where the event is based. Music acts are not due to start until Friday, but gates were set to open today.

The event was to feature headliners including Wu-Tang Clan, Florence + The Machine and Foals.

A statement from Boardmasters organisers, posted at about 23:10 on Tuesday, said: “The safety of you, the fans and attendees, as well as performers and crew comes first, and the potential risk is too severe for the event to go ahead at this time.”

They went on to say that refund information would be shared “as soon as possible”. Tickets range from £69 to £370 for five days of camping.

Organisers told the BBC they had lost between £12m and £16m because of the cancellation: