Heron & Brearley Ltd has applied for planning permission to demolish the former Britannia Hotel.
The building is not registered but is within a conservation area. It has been closed and has lying empty for six or seven years.
Ramsey Commissioners expressed regret that the building - once a thriving nightspot - had been allowed to fall into its current a state of disrepair.
Juan McGuinness said: ’It holds a lot of memories for many people, including myself. I’ve even played there in a band.
’They’ve let it fall into a dilapidated and ruinous state and we’ve been unable to do anything about it because we haven’t got sufficient powers.’
All were concerned that if the building was demolished, the site would become an eyesore at the entrance to the town.
Town clerk Peter Whiteway said the planners might be reluctant to allow demolition without a plan in place for the site.
It was decided not to object to the proposed demolition, but to make the comment that the site should be left - and kept - tidy.
Heron and Brearley’s application (20/00229/B), would see the building’s status as a public house removed and the building demolished.
This follows potential buyers pulling out and, as it has no plans to reopen the pub, the brewery has therefore decided the best way forward for the building is to demolish it and sell the site.
The pub consists of four main stages of building with the oldest part being a 19th century two storey section in Chapel Lane. The most recent section was built in the late 1960s or early 1970s.
Since the pub closed in 2014, because of a downturn in trade, H&B has attempted to sell the building.
Support documents for the bid by architect Andrew Bentley state the building is in a ’very poor state of repair’ with subsidence causing sloping floors, dry rot and a section of rotten floor.