The producers of Edinburgh's Hogmanay celebrations for the last 24 years have voiced their disappointment after losing the contract to stage the world-renowned festival.

Unique Events has organised the Scottish capital's official Hogmanay celebrations since they were established along with the local authority in 1993.

However, the City of Edinburgh Council has announced it is awarding the new contracts for the Christmas and Hogmanay festivities to Underbelly, the Fringe promoters and operators of Edinburgh's Christmas celebrations since 2013.

Unique Events said they had been unsuccessful due to "the proposed pricing of the contract".

Bosses said they are "heartbroken" not to be producing Edinburgh's Hogmanay in the year when several of the capital's summer festivals are celebrating their 70th anniversaries.

They claimed a significant budget cut is being handed down from the council and warned the new year festival risks "losing its international status".

Unique directors Penny Dougherty and Alan Thomson said: "Unique Events are deeply disappointed in the recent tender process held by City of Edinburgh Council with regard to Edinburgh's Winter Festivals and hugely saddened by the decision not to continue with our services as producers of Edinburgh's Hogmanay, a festival which we created and have produced for over 24 years.

"Since its inception in 1993, Unique Events have positioned Edinburgh's Hogmanay as a world-leading festival, placing Edinburgh firmly on the map as a winter destination, attracting audiences from over 80 countries around the globe and which only last week was recognised at the VisitScotland Scottish thistle awards as Scotland's 'best cultural event/festival'."

They went on: "We believe the almost 20% reduction in council subsidy, (compared to cuts of around 5% to other festival grants) coupled with dramatically increased event costs present a very real threat to the festival.

"We are deeply concerned for the future of Edinburgh's Hogmanay and believe that Scotland's new year festival runs the risk of losing its international status."

The council's Christmas and Hogmanay contracts are worth £813,000 and the new contract is for three years, beginning next month.

Councillor Richard Lewis, Edinburgh's festivals and events champion, said: "The appointment of these contracts is confirmation for the city that despite the financial pressures facing the council, these important events will continue to operate for the benefit of the people of Edinburgh and our many thousands of visitors.

"I am sure Underbelly's activities will build on the huge success of Edinburgh's winter festivals to date.

"Along with council officers past and present, I wish to thank Unique Events for continuously providing the city and Scotland with Edinburgh's Hogmanay celebrations over two decades."

Underbelly directors Ed Bartlam and Charlie Wood said: "We've hugely enjoyed helping to develop Edinburgh's Christmas for the last four years and we couldn't be more excited about the next three years.

"We're honoured to be building on the extraordinary work and success of Pete Irvine and Unique Events since the start of Edinburgh's Hogmanay.

"We look forward to announcing our plans for both events in due course."