Restaurant sold after being 'squeezed to breaking point'

The owners of a highly-rated Devon restaurant have bid an emotional farewell after selling the business. They say they have decided to give it up after facing significant financial pressures.

After more than five years of running Latitude 48 in Barnstaple, Liam and Lucy Fairlie have decided to step down. Over the weekend, they confirmed that they had sold the restaurant, citing increased costs and lower footfall after the pandemic which they say have "squeezed the industry we love to breaking point."

The pair have candidly opened up about the impact that trying to run the business had taken on their lives, saying it had started to "take a toll" on their family and relationships. They now say they want to focus on family, their health and "other business commitments".

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In a statement on their Facebook page, Liam and Lucy said: "After several weeks of rumour and speculation, Lucy and I can now confirm that we have sold Latitude 48. It has been one of the most heart-breaking decisions we have ever had to make, having personally built the venue together from the ground up.

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"We have poured everything we have into creating that special atmosphere and environment that we find at Latitude 48 today and we are immensely proud of what the venue has achieved, the reputation it has and the fantastic customers we welcome in.

"We do not want to focus too much on the reasons that have led us up to this point, but suffice to say it is a very difficult landscape for hospitality at the moment. Rising costs from all angles, suppliers, business rates, VAT to name but a few. All these elements on top of lower post-covid footfall have really squeezed the industry we love to breaking point.

"Hospitality makes huge demands on those that run such businesses and we will openly admit the pressures have begun to take their toll on our family unit and personal relationships.

"Hence our decision to hand over the reigns to new owners and shift our focus on to our family, personal health and other business commitments.

"We have had some amazing times at Latitude 48 and carry with us all those fantastic memories - which we will cherish for a lifetime."

Following an 'End of Era' party on Saturday (September 28), the restaurant is now closed for three weeks as the new owners settle in. Current staff members and management are set to stay in their roles and Liam and Lucy have said they will continue to be familiar faces around the restaurant.

In their Facebook post, they added: "We would like to thank our amazing team that regularly goes above and beyond the call of duty in support of Latitude 48. We have had and continue to have a fantastic work family and this will remain the same. Our staff and management will continue in their roles and so Lucy and I and all your favourite team members will still be regular faces in and around the restaurant.

"The venue will close for around three weeks as of close tonight (Saturday 28th September) to facilitate the new owner transition."

They continued: "Thank you again to all of our fantastic and supportive customers and suppliers over the years. Without such an amazing network of individuals we could never have created such a special place in the heart of Barnstaple. We are so proud of what us, you and Barnstaple has achieved."