Beloved East London venue Power Lunches is closing down.

The news was announced via the bar’s Facebook in a note explaining that it had become “financially unviable” to continue with “compromising the integrity of what Power Lunches is known and loved for.”

The statement continued: “We all know it it has become increasingly difficult to do good stuff in a city that is so focused on making a profit without much concern for anything else but we’ve had 4 great years and we hope everyone will remember us fondly knowing we did our best to support independent bands and promoters in London.”

A goodbye party set to take place on December 19 with sets from The Glugg, Sauna Youth, Not Sorry and The Rebel.

The tiny venue has been a vital hub for Dalston’s DIY scene over the past five years, offering cheap rehearsal space as well as a sweatbox basement venue, and has been something of a spiritual home for local punk bands like Trash Kit and Shopping.

The closure is the latest in what feels like an epidemic of London venues shutting their doors, following the recent departures of Vibe Bar, Madame Jojo’s, The Joiners and Rhythm Factory and the announcement that The Coronet will close for good in 2017.

Earlier this year it was revealed that the UK has lost almost half of its nightclubs in the past 10 years. [H/T Lauren Martin]

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