The Bike Shed Theatre in Exeter has announced it will close its doors later this year.
In a statement on the theatre's website, director David Lockwood explains that due to poor takings at the venue's bar, the theatre will need to close.
He said: "Some of you will know the unusual structure of our organisation. It's actually two businesses, one supporting the other. Our bar has given its profit to the theatre, which is a charity. So every time you've bought a pint in our bar, you've been directly supporting culture in Exeter. Thank you.
"But for many reasons, largely the fantastic range of drinking establishments in the city, our bar is not turning over the vast profits it needs to keep the theatre at a high standard. "
Lockwood goes on to say that the organisation doesn't want to sell the bar to a chain and doesn't want to 'go backwards' so 'with a very heavy heart and after a lot of attempts to find a way to keep on going, we've decided to close up'.
The theatre will close on March 31. Lockwood is continuing to pursue ideas outside the building, at the Boat Shed, with plans supported by the Arts Council and Exeter City Council. The plans will see the derelict warehouses on the quay in Exeter transform into a space for music, theatre and start-up businesses.
The Bike Shed opened in 2010 and is based on Fore Street in Exeter. Theatre Company Tangle are to perform Doctor Faustus at the end of February in the venue.
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