London live music venue Borderline will be closing this summer.

DHP Family has taken the decision to close the venue by 31 August 2019, citing increasing rents, rising business rates and ongoing redevelopment plans in the Soho area.

The company will reinvest into the other areas of its venue portfolio, with £1 million earmarked for work on Thekla in Bristol; the upcoming 40th anniversary for the iconic Rock City in Nottingham and work underway to open its first Birmingham venue.

The Garage in Islington, also owned by DHP, has just won protection from the council’s local plan following a campaign to safeguard its future.

DHP managing director George Akins (pictured) said: “This has been a difficult decision, but given intentions by the landlord to increase the rent significantly for a second time since we took it over in 2016, as well as plans to redevelop the building housing the Borderline, we now know the venue doesn’t have a long-term future. It makes no sense for us to continue to invest.

“We’ve had an amazing two years at Borderline with some fantastic shows, and want to thank everyone for their support from agents, promoters and artists to all the thousands who have come to the gigs and club nights.

“We’ve put our all into trying to revive this iconic venue but, unfortunately, it has been impossible to turn into a sustainable operation due to so many external factors. This is a sad day for all of us who love live music and believe in grassroots venues.”

The Borderline name has been retained by DHP, and they will be considering opportunities to relocate and keep the spirit of the venue alive.

The announcement comes just two years after DHP made a significant investment in the 300 capacity venue with the aim of breathing new life back into what was one of the last surviving landmark live music venues in the heart of Soho.

Akins added: “DHP is still committed to creating and running the best grassroots music venues in the country. However I don’t see how it is possible in the West End when faced with all the difficulties from business rates, increasing rents and licensing pressure.”

Staff at the venue have been informed. The Borderline will be closed by 31 August 2019.