The decision to axe all gigs on the site until further notice with immediate effect and without informing the musicians, has been criticised. Bands had initially been booked for every weekend until December.

One local musician, booked to play at Cox’s in November, said: “They must have know that this was happening; there were rumours for weeks. Not a single one of the musicians know anything about what is going on. It was very rude of them not to tell professional people who may have put it up on their websites.”

Preferring to remain unnamed, the musician added: “It would be a great shame to lose our only 200-seat venue. But it might open the door to another venue though.”

Urban Country and Leisure announced in 2011 that they were planning to roll out The Lazy Cow brand to several new destinations in the coming years to the tune of £20 million.

The company, which is planning to release more details of the deal in the next 48 hours, did reveal that the new restaurant should create around 40 jobs.

The previous operator of Cox’s Yard, and music-industry veteran, Ian McKenzie-Howard, told the Herald: “My cousin Simon Vetch and I took on the challenge of Cox’s Yard in March 2003 and have had nine great years of providing all sorts of entertainment.

“I guess we will be mostly remembered for our music venue, which played host to some great artists and covered many genres of music.

“I would like to thank all the staff over the years that helped to keep the show on the road. Too many to mention by name but I hope you will all remember Cox’s music venue fondly. The venue was certainly a very special place.

“However, as they say, “All good things must come to an end” and I have made the decision to move on and concentrate on my other business interests. It is someone else’s turn now to take control of the destiny of such a great location.”

Until the reopening in December, Cox’s Yard may be shut, but it appears to be business as usual in the Riverside Coffee Shop, which will be open from 9.30am until 4pm.