A Pialligo Estate operations manager says he is "gutted" by the business's collapse, but believes it will be snapped up by a new buyer.
The owner of Pialligo Estate restaurant and function centre confirmed it would cease trading, after talks with financiers failed to save the business. New owners will be sought after the outside accountants move in.
"It is with a heavy heart that this evening I have to announce that Pialligo Estate has ceased trading," owner John Russell said in a statement on the company's website just before midnight on Tuesday.
Wayne Alger, who was an operations manager at Pialligo Estate, said "it was more than just a job".
"There is certainly a feeling we have let a lot of people down, but a lot of us put in a load of effort to the venue over the years, and trying to keep it going," he said.
He said the only information staff had received was Tuesday night's media release as there had been no opportunity for discussions.
But he said he was confident the uniqueness of the venue meant it would likely be purchased by a new owner soon.
"It's ready to go, really. It's established, it's such a unique venue Australia-wide so it will be snapped up," he said.
Mr Alger said he "needs time" before thinking of what his future holds, after the stress of the past few days.
"At this point I haven't thought about the future, I don't think I will ever be able to find a job that matches the one I had at Pialligo," he said.
Mr Russell's statement said he had been unable to make an official announcement about the business's future until now due to the negotiations with its financiers.
"The financiers have confirmed that they will take possession of the venue tomorrow [Wednesday] morning," the statement said.
Mr Russell said the future of the enterprise was now in the financiers' hands.
"We wish the future owners success and we hope that the Canberra community will continue to support them in their new business operations in the future," he said.
"Please understand we did everything in our power to try and keep the business running."
On Monday, people who had already booked for big functions had been warned they may want to look for other options.
Their position is now even more uncertain.
The potential financial collapse of the popular Canberra venue first emerged on Friday when The Canberra Times reported it had just stood down staff, shut down its website and closed its doors to the general public.
The owner had already flagged up the difficulties in a previous statement as two separate fires and two separate lockdowns.
One person close to the business said previously that if anyone could pull the business out of a hole, it would be Mr Russell who had put his heart and soul into it.
That has not been possible.
The latest statement also does not make clear what will happen for customers who have booked big events in their lives like weddings there. Funds for refunds are not mentioned.
They did manage to hold one wedding there on Friday.
The Plot, on Beltana Road, also owned by Pialligo Estate, saw the closure of the grocer and coffee shop last Thursday.
However, other tenants at The Plot, including the Bison Glasshouse and Pink Flamingo Interiors, were open and not affected by the Pialligo Estate closures.
Pialligo Estate, which runs the function and restaurant centre on Kallaroo Road, emailed clients on Friday confirming it was closing "temporarily".
However, temporary may turn into permanent if new owners are not found.
Like most of the hospitality industry, Pialligo Estate was hit hard by the events of the past few years, including bushfire smoke in 2019-20 and COVID lockdowns.
A fire in 2017 destroyed the main restaurant, the Farmhouse, at Pialligo.
Its smokehouse facility in Hume was also destroyed by fire in 2016.
Pialligo Estate opened in 2013, quickly becoming a popular fine dining spot with a unique location on the fertile banks of the Molonglo River.
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