The club shareholders decided to sell the large premises with theatre, bar, meeting rooms and other facilities at an emergency general meeting on August 3. It is hoped the club will be able to find alternative premises.
Since the decision to sell was made public, many club members have expressed their sorrow at the loss of the West Bar venue. And potential buyers have made contact with the vendors, Bankier Sloan.
Ian Sloan, who is in charge of the sale, said: "We have been retained as sole agents to sell this property. We will be seeking offers in the region of £1,000,000. (The Banbury Guardian) story has already generated interest from local developers and agents.
"We believe the local planning authority will look favourably on a redevelopment of the site for residential use but we also anticipate interest from those who see great potential in the existing building following a Change of Use."
The ground floor of the club totals nearly 10,000 sq ft and the upper floor covers approximately 3,000 sq ft. Adjacent to the club building is a car park which can take up to 50 cars.
The Trades and Labour Club has enjoyed huge popularity in recent decades, being used for a myriad functions, meetings and sporting events.
On social media, members have recalled bingo nights, children's Christmas parties, darts finals nights, football club presentations, gigs, comedy nights, fundraising events and private functions.
Fairport Convention moved its two sell-out warm-up gigs, prior to Fairport's Cropredy Convention, to the club for the last three festivals in 2017, 2018 and 2019 and many bands and performers have enjoyed enthusiastic audiences at the venue.
Club officer Elaine Lodge described the club as 'my life for the past 30 years both socially and as an officer' on the venue's Facebook page.
She broke the news on the page saying: "It’s is with deepest sorrow and a heavy heart that I am posting this message. A very difficult decision has been made to close the doors of the club for the last time on Sunday, October 31, 2021.
"This is through no fault of anyone but the footfall into the club has dropped despite everything we have tried to bring more members in. Unfortunately although people have renewed their memberships, not everyone uses the club. We are looking for smaller premises but for the time being we would like to thank everyone for their support over the years the club has been open.
"The current premises have been put up for sale as voted for by the shareholder members who attended the E G M on 3 August 2021 and the funds be used to secure a new smaller premises."