Cresset Theatre in Peterborough, Cambridgeshire, is set to close this summer after admitting that the venue had "struggled to break-even financially".

YMCA Cambridgeshire and Peterborough, which runs the venue under the guidance of the Cresset Board of Trustees, revealed that other community facilities will still remain open. In a statement, chief executive Jonathan Martin said: "This has been a tremendously difficult decision and we are all very sad to be losing the theatre but in these difficult economic times we just couldn't continue as we were.

"While we've always provided great entertainment for the city and had good support from the public, we've struggled to break-even financially and this year we'll record a large loss." All shows scheduled until 26 June will go ahead as planned, but ticket-holders for events after that date are now being advised to contact the venue for refunds.