An Oxford college is looking to breathe new life into popular city centre pub The Gloucester Arms.

St John's College has instructed estate agents Savills to find a new tenant after pub chain Punch Taverns decided it would not renew the lease.

The Gloucester Arms, in Friars Entry, off Gloucester Green, which held a closing down party last weekend, was popular with motorcyclists and heavy metal fans.

A pub has been serving drinkers on the site for almost 200 years.

In recent weeks, St John's has come under fire for apparently deciding against renewing the lease on the Arms.

It has since emerged, however, that Punch Taverns decided against renewing the lease for "strategic reasons".

Punch spokesman Sarah Perrins said: "As we understand it, the lease on the pub expires at the beginning of May. We took the decision not to renew the lease for strategic reasons and will return it to the leaseholder when the lease expires.

"The Gloucester Arms was a great local pub with a strong customer base.

"We are disappointed to be closing and would like to thank all our loyal customers for their patronage over the years."

Savills spokesman Nick Rees told the Oxford Mail that St John's was now looking for an 'appropriate' new tenant.

He said: "We are just going to find the most suitable tenants. Until we get offers in and get people around, we won't know. It's early days."

St John's bursar Anthony Boyce told the Oxford Mail: "It's not the case that St John's has decided not to renew the lease on The Gloucester Arms. In 2006, the tenant served notice terminating the existing lease and requesting a new lease.

"St John's confirmed to the tenant that the college had no objection to the grant of a new lease.

"Agreement was reached as to the terms of the lease in November 2007. However, in March of this year, the tenant informed the college that it did not intend to complete the arrangements and would be vacating the premises.

"The college is now marketing the lease in the appropriate trade journals."