Moiety, a small owner-operated restaurant in The Terminus building opposite Queens Gardens, announced its closure in a post on social media yesterday.
Located in Dunedin’s historic Warehouse Precinct, it had been listed on the property market since at least September 2024, but a property broker said it had probably been advertised for three years.
‘‘The vendors have decided to move forward with other plans and step away from hospitality,’’ the listing said.
It was advertised as an asset and lease sale for $75,000.
Moiety owner Sam Gasson declined to comment when contacted yesterday.
It had been operating in the Octagon for more than 20 years.
Hospitality New Zealand Otago branch president Mark Scully said hospitality was an industry where people traditionally tended to come and go.
The departure of long-standing operators appeared to be a fairly common theme around the country.
‘‘It’s not just the fly-by-nighters or the Johnny-come-latelys — this is good, established operators who are just finding conditions impossible.’’
Not only were those currently trading finding it difficult. When it came time to possibly exit, there were not many people lining up to buy the businesses, which compounded their problems.
‘‘I think what’s happening is people are trying to sell, aren’t finding buyers, and the inevitable happens and they have to end up closing.’’
Mr Scully, who also owns Speight’s Ale House Dunedin, did not think the hospitality industry was getting any better — ‘‘the fuel crisis has been an absolute pain and terrible timing’’.
There was also the general cost-of-living crisis and people also got nervous during an election year.
Businesses were also getting squeezed by suppliers and other big companies were laying down fuel surcharges.
‘‘If you’re the butcher, the baker, the candlestick maker; your delivery costs are going up.
‘‘Freight is a very real part of the cost in our industry.’’
Deciding to move on from hospitality was not always about money, Mr Scully said.
‘‘I think once you decide to move on, and the sale is not forthcoming, eventually something’s got to give.
‘‘Sadly, they see walking away from the business as their best option.’’
