THE founder of the Cornbury Music Festival says its future has been secured and more big acts will play following a buy-out by a major promoter.

The event, previouly staged at the Corbbury Park estate near Charlbury, has failed to make a profit in its seven-year history, despite hosting acts such as Amy Winehouse, Paul Simon and Blondie.

This had led to fears for its future but it has now been announced that founder Hugh Phillimore has struck a deal with 3A Entertainment.

Mr Phillimore will stay in charge and has assured music-lovers the festival’s mix of styles – from rock, reggae and blues to folk and chart pop – will continue.

Paul Weller, Eric Clapton, Kylie Minogue and the stars of the X-Factor are among the acts currently being promoted by 3A Entertainment.

Mr Phillimore said: “I’m very excited to be working with 3A. I’ve found the perfect partner who thinks like us and is independently minded.

“It will bring to the festival all the things we’re missing and has the integrity to leave us to get on with it – so the unique nature of the festival won’t change.

“We will still have our community involvement, local bands playing our Riverside Stage and Tim Healey from the Oxford Folk Festival will continue to put on his acts here.

“But this deal assures the future of the festival and ensures it will be profitable. And, of course, there will be bigger and better headliners.”

The 20,000-capacity event is dubbed ‘Poshstock’ for its upmarket atmosphere.

Guests have included Prime Minister and Witney MP David Cameron, Prince Edward and TV presenter Jeremy Clarkson.

Pete Wilson, a director of 3A, said: “We understand the special place Cornbury occupies in the festival landscape and we look forward to nurturing it for years to come.”

For the first time, next year’s festival will take place over three days.

The festival will run from July 1 to 3.

The announcement follows news of the festival’s move from Cornbury Park to an as-yet unannounced new site in the Charlbury area. The location will be revealed in December.

It also follows a separate deal between the owners of Cornbury Park, Lord and Lady Rotherwick, and a subsidiary of music firm HMV that will see corporate festivals held in the grounds of the stately home.

Tickets for next summer's festival will go on sale later this year.