The cycling event had been scheduled for October 25, but Dean Brennan from organiser Cube Management said: "Following consultation with local businesses and cycling groups we’ve made the incredibly difficult decision to postpone Cyclefest. With such continuing uncertainty around COVID-19, we feel that postponing the event at this time is the right decision.
"We are committed to putting on the very best event possible but with the current restrictions in place and potential of more coming into force in the coming days and weeks, we believe this would really impair the quality of the experience for all involved.
"We’d like to take this opportunity to thank all the local businesses who have been involved and reassure everyone that we fully intend to reschedule the event at a time when it is appropriate to do so."
Cube Management is offering a full refund on the ticket price for everyone who has already purchased a ticket. Refunds will be processed automatically in due course.