Businesses owned by the Barclay brothers in Sark, including four hotels, are closing from next year.
Sark Estate Management CEO Kevin Delaney said: "We will not be opening any of our hospitality businesses next year in any shape or form or for any foreseeable period after that."
The weekend event coincides with International Pride Month and the 51st anniversary of the Stonewall riots.
The scheme has been backed by the island's Lieutenant-Governor, and is the first of its kind in the Channel Islands.
Sunny spells and isolated light showers. After dusk fair spells with isolated showers.