A landmark Scunthorpe pub, The Lord Roberts — affectionately known as Bob's — has closed after 125 years of trading, its long-serving landlord said.

Landlord Graham Matthews held a closing party on Sunday and described himself as "tearful" as staff and regulars marked the end of the venue on Well Street. An auction is being held to sell the pub's contents, including memorabilia, and the building is currently listed for sale. The BBC understands one prospective buyer plans to convert the premises into a wedding function and private-hire venue.

The Lord Roberts first opened in 1900 and has been a fixture of local life for more than a century. The venue was converted into a disco-bar called Cre8 in 2003 before later returning to operation as a traditional public house.

Matthews, 68, has had two spells as landlord. He ran the pub for several years in the 1990s and returned in 2015 with his partner. Speaking ahead of the final gathering, he said changing social habits and tightening household budgets had reduced footfall. "People haven't got the same [amount] of money anymore, so they don't come out as much. Young ones today don't come out at all," he said.

He added: "I think we'll have a few cries and there will be a few shots and a few whiskies. I would think every public house in the country is struggling. Hospitality is not like what it used to be, we're all struggling now." Those comments echoed the concerns of many publicans across the UK about falling trade in recent years.

The sale listing and the on-site auction mark the next steps for the building, which has served generations of Scunthorpe residents. The prospective change of use reported to be under consideration would shift the site from a community pub to a private-event venue, a move that would alter the role the property has played in local life since the early 20th century.

For now, the closure ends a continuous local institution that had adapted several times over its lifespan, from a traditional public house to a disco-bar and back again, before finally stopping regular trade after 125 years.