The Arches arts venue in Glasgow has entered administration with the immediate loss of 129 jobs.
Derek Forsyth and David Hunter, partners at the accountancy firm Campbell Dallas LLP, have been appointed joint administrators of Arches Theatre and Arches Retail Company Limited.
The Arches employed 133 full and part-time staff.
The venue is now closed.
The administrators will now "undertake a thorough review of the companies' affairs."
Mr Forsyth, Head of Business Recovery and Insolvency at Campbell Dallas said: "The Arches was facing unsustainable cash flow problems and despite an immense effort by the Board and funding partners it was clear that administration was the only option for the companies.
"As a result of an uncertain future income profile the venue will immediately close.
"We have already contacted various funding partners and stakeholders to consider all options going forward and to see whether elements of the business may be resurrected.
"The Arches is an internationally recognised brand and we would encourage interested parties to make contact as soon as possible."
He added: "The prospect of job losses has been well documented, and it is with great regret that we have had no option but to make 129 members of staff redundant with immediate effect.
"A small number will be retained to assist with the administration. We will work with relevant agencies to provide as much support to the affected staff as is possible."
The Arches fate was sealed when the Glasgow Licensing Board, responding to concerns about the venue from Police Scotland, removed its late licence making the running of its dance clubs - the income from which underwrote its many artistic ventures - impossible.
The Herald reported today that last year Police Scotland had requested The Arches turn off its club music every hour and install five minute breaks, with the house lights up.
Why are you making commenting on The Herald only available to subscribers?
It should have been a safe space for informed debate, somewhere for readers to discuss issues around the biggest stories of the day, but all too often the below the line comments on most websites have become bogged down by off-topic discussions and abuse.
heraldscotland.com is tackling this problem by allowing only subscribers to comment.
We are doing this to improve the experience for our loyal readers and we believe it will reduce the ability of trolls and troublemakers, who occasionally find their way onto our site, to abuse our journalists and readers. We also hope it will help the comments section fulfil its promise as a part of Scotland's conversation with itself.
We are lucky at The Herald. We are read by an informed, educated readership who can add their knowledge and insights to our stories.
That is invaluable.
We are making the subscriber-only change to support our valued readers, who tell us they don't want the site cluttered up with irrelevant comments, untruths and abuse.
In the past, the journalist’s job was to collect and distribute information to the audience. Technology means that readers can shape a discussion. We look forward to hearing from you on heraldscotland.com
Comments & Moderation
Readers’ comments: You are personally liable for the content of any comments you upload to this website, so please act responsibly. We do not pre-moderate or monitor readers’ comments appearing on our websites, but we do post-moderate in response to complaints we receive or otherwise when a potential problem comes to our attention. You can make a complaint by using the ‘report this post’ link . We may then apply our discretion under the user terms to amend or delete comments.
Post moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours.
Read the rules hereComments are closed on this article