Canberra venue Pialligo Estate will close its doors permanently citing the insurmountable pressures of Covid restrictions followed by rising interest rates.
Owner John Russell made the announcement last night with a “heavy heart”.
“I have been unable to make an official announcement until now due to the ongoing negotiations with our financiers,” he said.
“Unfortunately we have not been able to reach an agreement to continue to trade the business. The financiers have confirmed that they will take possession of the venue tomorrow morning.
“Pialligo Estate is a small local business and we are very much hurting for all those affected by its closure. Please understand we did everything in our power to try and keep the business running.
“Over the 10 years we’ve had so many setbacks, including two fires, the impact of the NSW bushfires, lost vintages, the extended impact of Covid-19, and most recently the rapidly escalating interest rates. Unfortunately we have finally succumbed to the impact of these events.”
Russell said the future of the estate was now in the hands of the financiers.
“I hope that the next owner of the estate will love and care for it as much as we all did,” he said.