Netflix have axed their big money television show Celebrity Bear Hunt after just one series, MailOnline can reveal.

The programme, which was set in Costa Rica and was hosted by Holly Willoughby alongside Bear Grylls, will not return despite the star saying that he was hopeful it would.

Sources close to the show which aired in February say that while the ratings did well it was expensive to make and Netflix are now planning to do more live events rather than pre-recorded shows.

One told MailOnline: ‘Everyone was very proud of the show but when it came to it, it was just so expensive to make.

‘You had to have a whole set in Costa Rica, loads of staff and loads of celebrities. The overheads were eyewatering.’

It is understood that cheaper locations were looked at but nothing was appeared to be suitable.

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Holly Willoughby has been dealt a huge blow as her new Netflix show Celebrity Bear Hunt has been axed

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It’s been reported that the show needed to have mega-budget cuts if it is to return with hosts Holly, 44, and Bear Grylls, 50, likely to face pay cuts

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A cheaper location was also being sought, as well as plans for fewer expensive celebrities after the likes of Spice Girl Mel B and tennis player Boris Becker were among the 12 stars in the first series

The news will come as a blow to Grylls, who speaking just two weeks ago, Bear said of a second series: ‘God willing, we’re just sort of figuring that out at the moment,’ while speaking to Dermot O’Leary on Radio 2.

Celebrity Bear Hunt had an impressive line up of celebrities including Spice Girl Mel B and tennis player Boris Becker who would not have been cheap to hire, according to sources.

Other celebrities that took part included Lottie Moss, Danny Cipriani, Big Zuu, Joe Thomas, Kola Bokinni, Laurence Llewelyn-Bowen, Leomie Anderson, Shirley Ballas, Steph McGovern and Una Healy.

The show, which was Holly’s first programme with Netflix, featured twelve celebrities who are sent to a jungle in Costa Rica, where they were forced to avoid being hunted down by Grylls. Along the way, the celebrities faced various challenges and solve puzzles.

Holly, 44, signed for the show after her terrifying kidnap torment at the hands of former security guard Gavin Plumb who was last summer found guilty of a plot to kidnap, rape and murder her.

When Grylls called her, she revealed she immediately she said yes – a decision which was aided by her three children Harry, Belle and Chester.

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There was high drama on the show, which first aired in February, when interior designer Laurence Llewelyn-Bowen became tangled in some ropes while rafting, lost consciousness, and had to be revived on the beach by Grylls

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They added: ‘Yet if it is recommissioned, cuts will 100 per cent be made and this could include talent salaries — both Holly and Bear as well as the celebs. All measures are being explored’

‘It felt like the right time for me,’ Holly told the Mail.

‘When Bear called and described the premise of the show, I was like, “Okay, well, firstly it sounds like a great show, it also sounds like a show that my kids would love, my kids love Bear anyway,” so it was a bit of a no brainer.

‘For a long time, I think because my kids were younger, I’ve always been a bit ‘ooh’ I don’t like leaving the country for so long, even when I went out to Australia for I’m A Celeb, kids came with me.

‘It just felt like a really exciting project. You hear about different shows and there’s always that real gut instinct when you go “yes” and I think you just have to listen to that, and this was definitely a yes on a spot.’

Netflix have been approached for comment.