The Penthouse, an exclusive nightclub at One Leicester Square, has gone into administration.

Baker Tilly, the administrator, is said it was working with property agents Christie + Co and was looking to sell the business as a going concern, with a guide price of £1m.

Mark Wilson, a partner at Baker Tilly said: “It has been a difficult trading environment for which the business was not entirely prepared. There is enormous potential in the venue given its central location and panoramic view of Leicester Square.”

One Leicester Square also houses the European headquarters of MTV and another nightclub called Sound.