The organisation which ran the Arts Fresco event says it is willing to help the new group run an event and denied that the event waned in popularity in later years.
Hazel Cook, on behalf of the Arts Fresco board, hit back at recent reports and claims about the event.
She said the reason for not running the festival in 2012 and 2013 was not because of a lack of funding or support, but because it wanted to move the timing of the event to May to enable it to engage with schools and offer greater opportunities for volunteers to become involved.
She said: “It would have been too onerous for us to have re-grouped and delivered a similarly high-quality programme in May 2012 following the event in September 2011.”
She added: “We were rewarded by offers of support from the majority of previous supporters, sufficient to allow us to press on with our application to the Arts Council.
“Sadly, there have been huge cuts to the Arts Council budget and while it was hoped funds that had been swallowed up by Olympic events would again be released, this proved not to be the case.
“Our application received high praise from the assessors. Arts Fresco has always relied on support from the Arts Council and would never have enjoyed such a high-quality artistic programme if it had relied solely on local business.”
She said the board is in the process of winding-up but remains “committed to running an appropriate event in the future, one which upholds the artistic and safety standards which we have already set in place”.
She added: “We have already met up with the putative committee formed in the wake of the meeting called by Ian Joule and have begun a process of sharing valuable experience and skills.
“However, although we are delighted to help the new team we remain cautious of any formal involvement in an enterprise which if not properly managed could well undermine the good name and reputation of the event we have helped to establish.”