One of Dublin's oldest and most popular restaurants has closed its doors after being let down at the last minute by investors.

Locks restaurant in Portobello originally closed down in August, but reopened on a cash on delivery basis with its suppliers after an examiner was appointed.

According to one company source, "the restaurant was let down by an investment which was set to keep the business afloat, but in the end, it did not come through."

The canal-side premises was famed as one of the best restaurants in Dublin, and was under the management of husband and wife team Teresa Carr and Kelvin Rynhart who bought the property at the height of the property boom in 2007, refurbishing it completely.

"Both Teresa and Kelvin are heartbroken after investing so much, and the business meant a lot to them. They are keeping their heads down at the moment," said the company source.

On their website, they say: "Locks Restaurant has ceased trading. At this time we would like to thank all our customers and suppliers for their support over the past few years."

In late August, the High Court appointed chartered accountant Anthony Weldon as examiner to the restaurant. Weldon was given five weeks to prepare a full report and a proposal for the future survival of Locks.

It is understood that as of August, Locks owed more than €830,000 to Revenue, banks and suppliers. Both Carr and Rynhart are well-known on the Dublin restaurant scene, with more than three decades of experience between them. Rynhart was previously the manager of Bang Cafe, and Carr was a former manager of La Stampa on Dawson Street in Dublin and also worked in private catering. "They both face a huge financial burden now, and they have already lost a lot," the source said.

The closure comes two weeks after the Restaurant Association of Ireland (RAI) announced that over 80% of restaurants are losing money and over 20% of businesses have closed their doors.