Manchester city centre fine dining restaurant Grafene is to close this weekend.
Launched in 2016, the King Street restaurant hit its stride over the last year after recruiting head chef Ben Mounsey from Michelin-starred Fraiche on the Wirral, earning five star reviews and a CityLife Awards nomination.
Owner Paul Roden said he was proud of everything the team had achieved but 'uncertain times and a difficult market' meant it was time to move on.
"In the last 12 months we've been producing some really good stuff and when it's been busy the atmosphere has been great," he told the M.E.N.
"We've probably enjoyed some of the best fine dining in Manchester here and we could do over 100 covers on a good night.
"But it's the inevitability that that's not every night.
"There's so much going on and so many new openings, and that's also against a general UK backdrop of very uncertain times and a difficult market.
"If you're at the fine dining end of the market, you're an optional luxury spend. You don't have to go out and enjoy a seven course taster menu to survive."
The site is being sold to another operator who is planning to open a high end gastropub-style offering. Paul and wife Kathryn will remain involved 'as passive investors rather than operators', he said.
"The other operator's vision is for a high end gastropub-style food offer with live entertainment and real ale," he said.
"It's a broader offer which is probably better suited to that area."
The Grafene concept will live on at Paul and Kathryn's Hope Valley hotel Losehill House, where it will replace the existing Orangery restaurant.
Paul said staff had been offered jobs at the new business or at Losehill. Ben had already left his role as head chef in November.
Creditors and suppliers would not be affected, he added.
"It's as positive as it can be," he said.
"It's been a great experience over the last two and a half years, but as everybody always said, it was going to be a tough nut to crack and we have to face the reality of that.
"We've got a great business at the hotel and that's our number one priority.
"We've given it a good go and we can be proud of what we've achieved."
The restaurant will serve its last diners this weekend before closing for the refurbishment and rebrand. It is expected to open in late February/early March.
More details of the new operator will be announced soon.
