In a statement they said the decision ‘breaks our hearts’ but added that the lack of support and guidance from the Government made it impossible to proceed.
The festival was due to take place in Pikehall from July 30 to August 1 with headliners including Stereophonics, Bombay Bicycle Club and Blossoms.
Organisers said: “It has been the hardest decision to make and we were hoping that by this summer we would be in a position to celebrate with you all but, unfortunately, that isn't the case.
"We have now been placed in an extremely awkward position. We are yet to receive the government's guidance from their pilot schemes and the lack of a government backed insurance package, amidst rising Covid cases both locally and nationally makes us unable to fully commit to the next stages of planning needed for this year's event without greatly risking the future of Y Not Festival.
“Behind the scenes, we have been doing everything possible to make this year’s festival a reality. We have persevered as long as we could and looked at all of our options, including putting ourselves in the running to be part of a government sponsored Event Research Programme. Unfortunately, we were not selected for this. We know how desperately you all need a music festival this year and we feel exactly the same, which is why we have pushed to the absolute limit in order to explore every possibility of going ahead.
“This week, we would usually start building our festival site and whilst all the planning is done and we are good to go, we now find ourselves in a position where we are unable to commit to the build of the site, as we have no solid guarantee of it being allowed to take place. Despite positive government rhetoric, there is still little information we can rely on.
"With further delays being a possibility and no guarantees from the government, everything we have built over the last 15 years could be lost if we carry on this year. Given that cases are rising again, and with the support of our Safety Advisory Group, we have determined that the risks are too great to commit and continue with Y Not Festival 2021.
“We are an independent music festival and we are making this decision for the long-term survival of our beloved festival, so we can continue to be able to bring amazing music to the beautiful Peak District. We are devastated to be in this position once again and it is a hard pill to swallow, particularly when we were so close to selling out.”
All tickets, upgrades and glamping will be automatically rolled over to 2022 when the festival will take place from July 29 to 31.
Organisers added: “We understand not all of you will be able to make next year's event or may just prefer a refund. We are working hard with our ticket partners and refunds will be made available to all customers with information on how to arrange this becoming available in the next few days.
“Thank you for your support as always and we will see you next year!”