Sweden's largest music festival, which was due to be headlined by Depeche Mode this summer (13), has been axed after the organisers went bust.

The company behind Peace & Love, which has been running since 1999, has fallen into financial difficulty and this year's (13) event has been called off as bankruptcy proceedings begin.

The festival in Borlange was due to feature sets from Depeche Mode and the Pet Shop Boys between 25 and 29th June (13).

Organisers have blamed slow ticket sales for the festival's downfall.

Irish rockers The Script are playing in Sweden at the same time the event would have taken place and they have been quick to capitalise on its cancellation, urging disappointed fans to buy tickets to their gig in Stockholm instead.

A post on the band's Twitter.com page reads, "Sweden. Peace & Love Festival has been cancelled. We will be playing the same day at Venue Grona Lund Tivoli. Tickets (available)."