Steven Greenhalf, director and tenant of The Plough in Main Road, Galgate, said on social media that the decision had been taken after landlord Punch Pubs had chosen not to renew the tenancy of the pub.
He will hand back the keys on April 11 after closing the doors for the final time on April 4.
In a heartfelt message, Steven said: "It is with an extremely sad and frustrated heart that we must inform all our patrons that our landlord (Punch Taverns) has denied the renewal of our tenancy for The Plough Inn.
"After nearly 20 years of rebuilding a fantastic business and keeping The Plough away from permanent closure and an outstanding asset to the community, Punch Taverns are now “stealing” any successful businesses back from hundreds of tenants nationally for their own use and profit using Sect. 25 of the Landlord & Tenant Act. Grounds G.
"Despite our best attempts at taking legal action over the past few months this has fallen on deaf ears and resulted in no avail.
“I would like to take this opportunity to first thank all our customers for your patronage over the past 20 years, for which I will be eternally grateful.
"I know a lot of our team, myself included, have some very fond memories from our time with you. I would like to thank my entire team for their hard work and dedication during our tenancy and would like to make several mentions.
"Firstly, to Rose our cleaner who has been the backbone to the pub and is virtually part and parcel of the fixtures and fittings. I would also like to thank Carol who has over 13 years of service on the bar and has been a massive support to Julie. Finally, I would especially like to thank Julie who started at The Plough 20 years ago and has managed the business for over half of that time.
“Therefore, it is with huge sadness that The Plough will close under my management from Monday 4th April to allow us to clear the site before handing back the keys on Monday 11th April.
“We will remain open for our great pub food, drink and hospitality until that time and we hope that you come and see us and support the team for one last hurrah.”
Steven added that he hoped people would continue to support him at their other venues - The Horns Inn at Churchtown, The Hunters at Walton, The Cock and Bottle at Tarleton and The Foundry at Feniscowles.
Operations manager at Punch Pubs, Paul Donaldson, said: “We can confirm that we will be moving The Plough into our Management Partnerships estate when the current agreement comes to its natural end next month.
“We understand the importance of the pub to the local community, and we would like to assure guests that it will be receiving a significant investment over the coming weeks before re-opening as soon as possible.
“We would also like to extend our thanks to the outgoing publican Steven and his team, whose employment at the pub will continue, for their hard work and dedication over many years at The Plough.”