FANS of one of Spain’s biggest music festivals could be facing disappointment as its promoters face up to financial difficulties.

UK company Music Festivals, which has run Benicassim Festival in Valencia since it started in 1995, suffered enormous losses this year, partly due to competition from music events related to the Olympics.

The company’s UK festival, Hop Farm, also struggled because of bad weather.

Music Festivals has now suspended share trading after their value plummeted from 53 cents last June to just over one cent.