A 138-year-old London music venue which has played host to some of the world’s biggest artists is set to shut down.

The Coronet, based in Elephant & Castle, has managed to secure a one-year lease extension, but will close its doors for the last time in January 2017.

Richard Littman, Director of The Coronet, said: “We have been here for so long, 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.

“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!”

Famous artists who have performed there include Oasis, Tom Jones, Alicia Keys and Justin Timberlake.

Last month, Boris Johnson said he was supporting a campaign to halt the loss of music venues in the London.

It followed a report indicating that the capital had lost 35% of its grassroots music venues since 2007.

Boris Johnson said: “From the Rolling Stones to David Bowie, the Clash to Oasis and Ed Sheeran to Adele, grassroots music venues have played a key role in enabling some of the biggest names in music to develop as artists and to build audiences.

“They are the incubators for the stars that go on to pack stadiums in London and across the world.

“The Music Venues Taskforce report makes it clear that protecting live music venues is crucial to London's continued position as the music capital of the world.”