A well-known Wellington restaurant is in liquidation owing more than $300,000 to creditors, after only 18 months under new ownership.

Tinakori Bistro, owned by Good Root Co, closed its doors on June 9, after failing to pay back a long list of unsecured creditors.

The restaurant, at 328 Tinakori Rd, in the central Wellington suburb of Thorndon, has been around for more than 40 years. The Victorian shopfront was first converted into Le Beauchamp by Celine Cartier in 1974.

The company owes about $220,000 to its lenders, $67,000 to Inland Revenue, $12,000 to its past and present employees in unpaid wages and holiday pay, and $45,000 to unsecured creditors.

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In the first liquidator's report, Heath Gair of Palliser Insolvency said revenue had not met initial expectations.

"[...] Despite reducing costs and various market initiatives, the company struggled to generate sufficient cash flow.

"After an increase in summer, the revenue decreased again in the last three months and the shareholder was unable to provide financial support."

Chef Aaron Stott, director and sole shareholder of Good Root Co, was "remunerated well below market rate during the year and a half of trading".

According to his LinkedIn page, Stott has 25 years' experience in the hospitality industry, and worked in St Petersburg, Russia, before opening the Thorndon bistro.

He was now intending to work as a waged or salaried employee in a different industry, Gair wrote.

The restaurant served European and New Zealand cuisine, and Tripadvisor rated it 4 out of 5, according to 170 reviews.

Good Root Co could not be reached for comment, but its voicemail confirmed the company was in liquidation.

Any creditors seeking claims are to do so by July 10.