One of Adelaide's most iconic restaurants, Rigoni's Bistro, has gone into administration over what owner Tony Bailey has revealed as "substantial" debts.

In a post on the restaurant's Facebook page, Bailey says he was left with "no option" but to appoint an administrator.

"While currently trading very strongly and profitably, the legacy of debt from previous years has become unmanageable," he said.

"I am working closely with the Administrator to achieve the best possible outcome for Rigoni’s Bistro."

Established in 1956, the Adelaide institution began as Rigoni's Café on Moonta Street in the CBD.

The restaurant was sold to the Caons in 1979 and moved to its current Leigh Street home, where it has traded for 40 years.

In 2006, it was purchased by the Martin and Bailey families.

"I have been extremely fortunate to have an amazing crew of staff in my team both past and present and would like to thank them for their fantastic effort day in and day out, and for everything they have done for Rigoni’s Bistro and my family," Bailey said.

The statement says Rigoni's will continue to trade in the hopes of keeping the restaurant alive and to "maximise" return for both creditors and potential buyers.