The auditor general for Wales has said Welsh Ministers acted with "avoidable haste" in buying Gilestone Farm for possible use by the Green Man Festival.

Adrian Compton, who carried out the investigation, has raised several concerns about the £4.25m purchase last year. He said using up unspent money by the end of the financial year was the "most significant" factor in the pace of the Welsh Government's decision making process.

The Welsh Goverment purchased the 240-acre farm at Talybont-on-Usk last March.

It was purchased before a full business plan had been provided by the Green Man Festival.

In a letter sent to the Welsh Parliament’s Public Accounts and Public Administration Committee, Mr Crompton said, in acquiring the property "speculatively": "... the Welsh Government has accepted financial risks that would not have arisen if it had delayed a final purchase decision until after its full consideration of Green Man’s plans, and the suitability of Gilestone Farm for intended future uses, had been concluded."

Additionally, the letter stated that selling the site may be an option if Welsh Government and Green Man can’t agree on a use for the site, but that “in the event of an onward sale, the Welsh Government may not be able to recover: The full purchase price, either due to market conditions or to separation of the site into separate lots, which are in total worth less than the whole site in a single lot.”

MS for Brecon and Radnorshire James Evans said: “This is an important letter from the Auditor General, and it raises some big concerns about the whole way this process was carried out by Welsh Government.

“The fact Gilestone Farm was bought, to use the Auditor General’s word, ‘speculatively’ is a damning indictment of the Labour Ministers in Cardiff Bay and their attitude to public money.

“We need a full, open process to examine this purchase and get to the bottom of how and why Gilestone was bought.”

The Welsh Government said that it welcomed the review.

A spokesperson said: “It is clear from the review that the acquisition of Gilestone Farm followed the appropriate processes, was value for money and is clearly aligned to our economic ambitions.

“Due diligence work continues on Green Man’s detailed and comprehensive business plan which will conclude in the coming weeks.

"No final decision on the future of Gilestone Farm will be made until the due diligence process is complete.”

The exact future plans for Gilestone are currently unknown, with further consultation between ministers and the local community scheduled for this year.

Green Man has said it will be not relocating to the site but smaller events could be held there every year.

The full Audit Wales report can be found here.