The Arches: Administrators cut 129 jobs at Glasgow club
Administrators for the Arches venue in Glasgow have made 129 staff redundant after the business collapsed following the loss of its nightclub licence.
Derek Forsyth and David Hunter, from accountancy firm, Campbell Dallas, said the venue would close immediately.
They will now "see whether elements of the business may be resurrected".
Glasgow Licensing Board cut the venue's opening times following police concerns about drug and alcohol incidents. The nightclub was its main source of funds.
Founded in 1991, the Arches employed 133 staff in full and part time posts.
Mr Forsyth said the closure and redundancies were unavoidable.
"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," he said.
"As a result of an uncertain future income profile the venue will immediately close.
"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."
Mr Forsyth said a small number of people would be "retained to assist with the administration" and his team would work with "relevant agencies" to support those losing their jobs,
He added: "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."