Cameo and Vinyl in Market Street – formerly known as Squires – will stage its final night on Monday with a monster Halloween special.
Owners The Deltic Group, who also have Evoque in Church Street, said the lease had come to an end in Lime House and they wanted to concentrate on just one venue in the city.
The shock news has led many to reminisce about nights spent at the club, which first opened in 1967.
Phil Kalia was the head doorman and later front of house manager at Squires from 1981 to 2001.
He said: “It’s very sad news. A lot of people will have good memories of that place.
“When I started in 1981 it was Squires and Snooty’s and it was the place to be for respectable people over 25. Apart from on fancy dress nights you had to wear jackets and ties and the ladies had to wear smart dresses. It wasn’t like it is today, everyone made an effort.
“I have some really good memories from there. It was always busy.”
Phil says the club was good for networking, with many professionals, police officers and nurses attending, as well as footballers who went in the VIP sections.
The likes of John Barnes and the Preston and Blackburn teams were known to have paid a visit, as well as snooker stars like Jimmy White and Steve Davies.
When first opened it was known as Squires and Snooty’s but over the years the two-room club became Squires and Quincy’s, then Squires and New York New York.
In 2014 the club underwent a £250,000 revamp to become Cameo and Vinyl.
Readers gave a mixed reaction to the news on our Facebook page.
Vicky Marie Allen said: “Had some great nights in there when it was Squires. I think it started to go down hill when they put the prices up and changed the name.”
Shaun Patrick Hampton said: “I remember going there on the first night it opened as Squires night club, with bunny girls taking your orders. Not been in for years too old but some good nights in the early years.”
Matt Bell said: “The club scene in Preston is shocking really.
“There are some good independent promoters who know how to put a good night on, but not enough of them to save a club.”
Some suggested that the closure is linked with the proposed market area regeneration, which will see the adjacent market hall building demolished.
But Preston Council have confirmed that Lime House is not part of the scheme and is privately owned.
Mark Whittle of Preston Business Improvement District (BID), said: “Whilst it is sad news to see a long established venue closing, the city centre’s night-time economy is increasingly vibrant with a number of new venues opening, or about to open.
“The city centre is changing and as such the demand from consumers has changed. Preston has a great offer in terms of its nightlife, one that’s award-winning.”