Canberra restaurant and function centre Pialligo Estate has announced it will permanently close its doors, days after speculation began over the financial stability of the business.
Owner John Russell said it was with a "heavy heart" he had to announce the venue would cease trading.
"I have been unable to make an official announcement until now due to the ongoing negotiations with our financiers," he said in a statement last night.
"Unfortunately we have not been able to reach an agreement to continue to trade the business."
Mr Russell said financiers would be taking possession of the venues this morning and would be seeking new owners for the business.
He added that he had done "everything in his power" to keep the business going.
Mr Russell went on to highlight the struggles that Pialligo Estate had faced over its 10 years of operation, including rising interest rates and the COVID-19 pandemic.
He also highlighted the two fires that gutted the venue's smokehouse and then the restaurant in a two-year period in 2016 and 2017.
"Unfortunately, we have finally succumbed to the impact of these events," he said.
"During those tough times, we kept our staff and their families going and we tried our very best to assist the Canberra community to endure the lockdowns."
Last week the popular Canberra restaurant and events venue announced it would be "closed until further notice" citing "difficult trading conditions".
Guests with dining reservations and wedding bookings learned of the "temporary closure" via e-mail at the same time the now-defunct businesses' social media accounts were deactivated.
The final weddings at the venue went ahead last weekend, but there has been no further information provided for those with future wedding or dining bookings.
'Distress' for couples with no venue, missing money
Canberra wedding photographer Jye Beckett said he had been fielding phone calls from stressed couples who had been due to marry at Pialligo Estate.
"I've had four or five clients get in touch now … and I'm trying to help them find new venues," Mr Beckett said.
"Planning a wedding is difficult enough as it is — there's a lot to do — so, having your venue, that you've potentially already paid an entire amount for, being cancelled weeks, or months beforehand is crazy.
"It definitely adds more stress, perhaps not so much in the venue itself, but not knowing whether they're going to get their money back."
Mr Beckett said he had called in favours through industry connections and had so far managed to lock in alternative venues for three clients.
He said others had hurriedly organised to move their weddings to private properties surrounding Canberra — a trend that he said emerged out of the pandemic.
"The idea of makeshift venues — backyard or farm-based ceremonies — has become the norm over the past few years," Mr Beckett said.
However, with Pialligo Estate being a popular venue, he said he still had a number of clients who remained without a new location for their big day.
"I've got seven or eight couples booked in at Pialligo, and I guess if their weddings don't go ahead, then at the end of the day, I don't take payment from those clients," he said.
"But I'm in a position where I will reschedule and help to accommodate those couples as best as I can."
