Organisers are still hoping to put on a smaller-scale event for this year but said that it would only be possible through the support of Islanders and businesses.
Festival founder Beth Gallichan, who has led the not-for-profit event since its inception in 2010, said: ‘We have lost our main sponsors so we are thousands of pounds down.
‘We have much higher costs compared to when the festival first began.
‘It costs us tens of thousands of pounds to put it on and we will only make more money to give to charity if we can attract more people.
‘We want to be more sustainable and in order for us to do that we need more sponsors, more donors and more support.’
She added that the festival would in future be moving from Grève de Lecq to allow it to grow.
However, Miss Gallichan said that although the event would hopefully be moving to a larger, as yet undecided location, in 2019, they would still run it within the same business model with all profits going to charity.
She added that the festival’s line-up would still champion local acts and musicians and that it had raised over £175,000 for various causes.
‘We are not going to put a big stage in the middle of a field and then put a load of UK acts on – that is not what we are about,’ she said.
‘We are not getting massively bigger, we just want to find a new location that lets us grow and incorporates the same magic of Groove de Lecq.
‘The team has a great vision for what we can do in the future. We just need the Island’s support in order to achieve that.’
She added that they were now looking for local businesses who understood the spirit of the festival to help them fund the event.
‘I want it to be supported locally by local businesses, such as builders, for example. We want businesses who understand our ethos – the importance of looking after the environment and running the event for the benefit of the Island,’ Miss Gallichan said.
‘I really want it to happen, but it is an awful lot of responsibility for just a few people. We really need the Island’s support.’