After nine months of physical training, mental preparation and detailed planning, two adventurers were ready to make history by becoming the first people to reach the North Pole by hovercraft.

But the polar plan for Simon Marshall and Alex Henney to raise £50,000 for charity and set a world first has been beaten by the credit crunch after wealthy City backers pulled out of sponsorship pledges.

Mr Marshall, 43, of Bridgwater, said: "Alex works in the City and has lots of connections so when we came up with this plan, we needed to find £50,000 to fund it and had offers of that within about 15 minutes of announcing we were going to do it.

"But after everything that has happened in the past few months, the economic climate has meant the bankers and firms who wanted to back us don't feel they can afford it so we've had to postpone, which has put us on a bit of a downer."

The pair have been training with volunteers with the rescue hovercraft charity Barb in Burham-on-Sea for their Arctic trek and use the same model of craft to conquer the route. They were due to set off on the adventure in the spring but Mr Marshall admitted there just was not the cash to fund it.

He said: "We're really hoping someone will see what we're trying to do and offer us some help.

"I know these are difficult economic times and people who are on the verge of losing their houses probably aren't going to be too upset for us but it was going to be a great British achievement."

The pair had planned to cross the frozen landscape in 2009 to mark 50 years of the British-invented hovercraft.

Mr Marshall, who has 10 years of polar trekking experience, was planning to follow a 500-mile route that was followed by Top Gear presenters Jeremy Clarkson and James May who last year became the first to drive to the North Pole in a race against Richard Hammond who travelled by a husky-pulled sleigh.

But Mr Marshall is still confident he and Mr Henney can achieve their goal and raise cash for Barb at the same time.

He said: "We really want to be the first British people to do this. I have been a bit worried someone might nick our idea and do it before us if they can find the money before we do but I think people are struggling with the downturn everywhere. I'm fairly confident it won't be a team from Iceland that beats us.

"We need to raise £50,000 to fund the trip and hope to raise another £50,000 in sponsorship for Barb.

"I'm really disappointed we're not going to be able to help them imminently but I have told them I'll get them the money if it kills me."

Members of Barb's rescue team have been giving intensive training to the pair on how to handle the craft and cope with potential dangers.

Charity chairman Mark Newman said he was disappointed the adventure had been postponed.

He said: "It is a great shame for Simon and Alex as they were all prepared and ready to go, they have worked very hard.

Obviously, it's a bit of a blow for us as we were hoping for sponsorship from the challenge but I am confident they will be able to find the sponsorship."