The organisers of the first ever Walthamstow Winter Wonderland which was expected to attract up to 40,000 people per day are “extremely disappointed” that the extravagant project has flopped.

Exciting plans for the Christmas market in Walthamstow Town Square were announced on November 1 and were welcomed by people living in the area.

It was hoped the event, which included an ice rink, a stage for live entertainment, amusements and a food stalls, would bring a boost to businesses in the town centre in the run up to the festive season.

But on Tuesday rumours started to circulate on social media that the ambitious project would fail to deliver, with one user saying: “It’s a bit like Brexit…all invested based on false promises”.

On Thursday, November 22, a spokesman for Walthamstow Winter Wonderland confirmed the market, which was set to kick off the Waltham Forest London Borough of Culture 2019 celebrations, has indeed been cancelled.

He said: “It is with deep regret and due to circumstances out of our control that the winter wonderland concept with an ice rink and bar won't be coming to Walthamstow this Christmas.

“In its place we'll still be running a German market with events and entertainment alongside our Walthamstow Sunday Social event every Sunday.

“Please stay tuned for more information on our German market. We are extremely disappointed we were not given the chance to run the event we promised to.”

At this stage, the circumstances which led the month-long market being cancelled have not been made public.

A spokesman for Waltham Forest Council said: “Waltham Forest Council continues to work with the organisers to bring a Christmas market to Walthamstow, which we know would be popular with residents and local traders as we move into the festive season."