A New Year's Eve party was the pub's last normal event, with one "final hurrah" planned for next Saturday by the building's owners Brian Taylor, Brendan Hanrahan and Gary Browning.

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Mr Taylor said the closure was sudden, but the possibility of making changes to the iconic hotel had been on the cards for some time.

Mr Taylor said they planned to revitalise the pub and bring it back to life. He said that with a fresh start would likely come a new name.

"We want to stick with the theme of the building, but jazz it up a bit," Mr Taylor said.

"We want it to be fitting in with the direction Ballarat is heading, with Melbourne-style restaurants."

Mr Taylor said the designer of the Little Creatures Brewery in Geelong had already seen the building to discuss ideas.

He hoped the building would add to Ballarat's food scene as well as continuing to serve traditional pub meals.

With the news of the existing pub's closure, Mr Taylor said they were still working through plans and details.

"We may reopen a part of the venue soon. We're looking to have something long-term here, whether it's owner occupied or a new tenant," he said.

"We'll get next weekend done and then we'll assess what to do next."

Mr Taylor recently sold his share in Jackson's and Co, allowing him to dedicate more time to the Peter Lalor.