Samuel Boulton has announced The Pineapple Club will close after mounting costs made the business unprofitable.
The award-winning bar, and Japanese-themed Shibuya Underground in the basement, will close with immediate effect, as the company goes into liquidation.
Boulton told CLASS that energy costs, which were now eight times what they were when he opened, now represented 20% of turnover.
In a social media post, Boulton said: "The Pineapple Club can no longer continue to offer the level of service at the price we intended. I refuse to become a minimum wage employer, offer low quality drinks or charge over what we should be just to make this work."