A Cardiff music venue has been forced to close after its owners announced that they had been left with no option but to seek voluntary liquidation.

The Point, located in Cardiff Bay, had to undergo extensive soundproofing work in 2008 after local residents living in newly-built apartment blocks adjacent to the venue complained to the city council. Owners have now revealed that the level of debt incurred as a result of the refurbishment, together with the loss of revenue while work was carried out, have resulted in the decision to close the venue.

In a statement, The Point's owners said: "After some difficult negotiations with the Cardiff City Council we undertook a huge amount of work to soundproof the venue in an attempt to secure its future. "While that has largely been successful, the burden of the debt that we took on, together with greater restrictions in our banking facilities and more difficult trading conditions in the last few months, as well as the loss of revenue while the refurbishment works were undertaken, has meant we are unable to meet our current liabilities."

The venue, which is housed in a converted church, has previously staged concerts by a number of prominent bands including Feeder, Stereophonics and Super Furry Animals.