Vinopolis, the London-based wine tasting and exhibition space, has announced it will close at the end of this year. 

An announcement on its website today reads: “Vinopolis is very sad to announce that we will be closing our doors on 31 December 2015 after 16 fabulous years of bringing the world of wine to London’s Bankside.” The venue, which is operated by WineWorld London plc, said scheduled events for this year will still run as planned. 

The site, famous for hosting public wine tastings and master classes, is expected to be converted into retail premises, according to Event Magazine. Samantha Anderson, Vinopolis' MD told the publication: "We’ve come to the end of what we feel we can do with Vinopolis, and the choice was made in the interest of our shareholders. The retail opportunity arose and it was a better proposition than a wine tour."

Around 60 of the venue's staff and 120 from its restaurant are set to lose their jobs, it was reported.