A MUCH-LOVED Andover community event will not go ahead this year due to the cost-of-living crisis, organisers have announced.

The Andover Soapbox Derby is a popular event that last year proved a big hit with residents, businesses and a whole host of different organisations who all got involved to raise as much money as possible for charity.

The event sees teams racing homemade soapbox carts down a steep hill, with prizes awarded. On top of this, entertainment and activities are normally on offer.

READ MORE: Thousands turn out for Andover's very first charity Soapbox Derby

The announcement was made by the event’s organisers who took to Facebook to share the news with residents. The Advertiser understands the decision was made due to increased expenses and the cost-of-living crisis that still poses a threat to many businesses. 

Kevin Rush of Andover Community Events said: “It is with great sadness and disappointment that we have to announce the cancellation of this year's SoapBox Derby. It has not been an easy decision and with so many factors influencing such as increased expenses and generally the cost of living crisis to name a few, we have been left little option.

"Trust us when we say we will be looking into the event in great depth to ensure we are back next year with an event worthy of your attention. Thank you to our sponsors, teams, stall holders and volunteers for all your support. We will be back."

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Andover Community Events were responsible for organising last year's Andover Soapbox Derby and raised an incredible £8,500 for Andover Mind, a charity supporting people with mental ill health as well as adult carers and people living with dementia and mild cognitive impairments.

The event saw more than 20 teams take part in a whacky racing event along Hopkinson Way at East Portway Industrial Estate. A crowd of more than 3,000 spectators came out to support the teams.

Speaking to the Advertiser last year, Kevin said that it was an "amazing" atmosphere, and the team are proud to have pulled it off.

Kevin hopes the event will return next year.