The venue will shut its doors for the final time on Sunday 10 December, Joseph revealed on social media.
He said he knew the announcement would “come as a shock to a lot of people and many loyal customers will feel saddened by this news”.
Furthermore, he outlined a number of reasons behind the closure including nearby building works and safety issues.
The statement added: “I have done everything I can to try and fight on and keep G-A-Y Late going, at a great cost to my own mental health, but it is simply not possible to run G-A-Y Late in its current location and it’s starting to take too much of a toll on me personally.
“It’s not all negative though, G-A-Y Late is not going to be forgotten. Firstly, no staff will be affected by the closure and they will all be deployed to G-A-Y Bar & Heaven so all jobs are safe.
“For those who loved G-A-Y Late, my goal is to recreate an updated version of G-A-Y Late in Heaven’s DP & Stage Bar and to have more nights at Heaven, starting with a new LGBT RnB night on Wednesdays.
“The biggest positives are we have put in an application to increase Heaven’s capacity and found a way to make Heaven wheelchair accessible.
“Some of you might have noticed I’ve knocked down a wall at Heaven to prepare for this increase in capacity and to create wheelchair access. I can confirm the WCC has approved our application so while we are losing a venue, Heaven now has increased capacity and works will begin to make it wheelchair accessible.”
Night-Time Industries Association boss Michael Kill expressed deep sadness over the impact the announcement will have on the LGBTQ+ community and said the closure underscored the fragility of nightlife businesses while labelling it a ‘profound loss’.
He added that as the loss of G-A-Y Late is mourned, it was a call to action for policymakers, communities and industry stakeholders to collaborate on initiatives that safeguard the future of nightlife establishments.
Kill called for a united front to address the challenges faced by businesses in the sector and emphasised the integral role they play in the cultural fabric of the UK.