The company that runs Squires and Lava/Ignite has gone into administration, putting 3,000 jobs at risk.
Luminar entertainment, which owns 75 venues across the UK, was unable to meet bank repayments after posting losses of £198m in the year to the end of February.
The past year has seen Luminar try to expand its propositions in the form of converting venues for live music and partnering with student brand Fuzzy Logic in a hope to attract more freshers and students to its nightclub venues.
Shares in the group have been suspended and they have not commented on when administrators would be appointed.
The Lancashire Evening Post have reported that campaigners who have long wanted to turn the space into a cinema are seeking talks with the new owners of the building.
James Crompton, co-ordinator of the New Victoria Action Group, said earlier this year: “Once we’ve raised enough money to purchase it, it’s all systems go; we can start applying for grants and other initiatives.
“The doors are open for funding as soon as we get the evidence that the original 1928 features have survived, but everything is still there, projectors and everything!”
Could this be the end for Lava/Ignite and Squires? As popular clubbing destinations, we’d love to hear your thoughts and favourite stories in the comments below.