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One of London's oldest live entertainment venues will close its doors for good following an unsuccessful campaign to secure its future.

The Coronet at Elephant and Castle first opened as a theatre in 1879, where it is said Charlie Chaplin performed, but on Monday bosses announced the venue would shut on January 5, 2017.

Throughout its 136-year-old history, the venue has entertained Londoners as the Elephant and Castle Theatre, an ABC Cinema, the Coronet Film Centre and most recently as The Coronet.

Artists who have played there include Tom Jones, Oasis, Justin Timberlake and Alicia Keys.

In July last year, director Richard Littman launched a campaign to protect the venue's future after fears the site could be become part of the development to build a new shopping centre next door, which is also owned by landlords Delancey.

In a statement on The Coronet's website, Mr Littman wrote: "We fought long and hard to save The Coronet, and we will be really sad to go, but with the Elephant & Castle changing so much, so quickly, it’s become clear that the evolving character of the area is no longer right for a venue like ours.

“We’ve worked with our landlord to extend our lease for one final year, until 5th January 2017. We’re looking forward to welcoming back old friends and making new ones – if you’ve ever wanted to perform here then get in touch quick – the calendar is filling up fast.

“Rather than fighting against change, we want to focus on celebrating The Coronet’s incredible history. What better way to do that than by making The Coronet’s final year of operation its biggest and best!”

The Coronet stands across the New Kent Road from the Elephant and Castle pub, which was set to become a Foxtons estate agent after being closed when a patron was stabbed in the head with a pen. Plans have been recently announced for the Antic collective to take over the historic pub and reopen it to customers.

Last month, Boris Johnson backed a campaign to help protect London's live music venues after the capital lost 35 per cent of its grassroots haunts since 2007.

The closures are said to be as a result of rising rents, licensing restrictions, noise complaints and housing development, which has prompted fears for the long-term future of the UK’s £3.8 billion music industry.

Plans were announced to appoint an Amsterdam-style “night mayor” to bring together businesses, residents, local authorities, transport and police to maximise the sector’s potential.