The Marquee Club and Grill in Islington, London, has gone into administration after being open for four months.

BDO Stoy Hayward, the administrators dealing with the property, said it had suffered "cash-flow difficulties".

The administrator said that it would continue to run the club but had appointed agent Davis Coffer Lyons to sell the business. Davis Coffer Lyons is seeking offers in excess of £1.25m.

During its four months of trading the new Marquee Club turned over about £500,000. It had been predicted to turn over between £3m and £4m a year.

The club was opened by Chef Garry Hollihead, restaurateur Mark Fuller and Dave Stewart of the Eurythmics in August 2002. They had intended to resurrect the spirit of the original Marquee Club in Soho, which closed in the 1990s after 30 years of hosting bands such as the Rolling Stones.