Birmingham's first "gastro bar" has gone into administration only days after celebrating its first anniversary.
Mackenzie's Bar and Dining Room in Corporation Street was earlier this month said to have been virtually fully-booked since it opened.
But yesterday the bar was in administration after being hit by higher than expected start-up costs and a fall in trade.
The venue is continuing to trade under the control of administrator Jonathan Avery-Gee, of Manchester accountants Kay Jonathan Gee, who declined to reveal how much is owed to creditors.
Directors Barry Sherwin and Iain Ross-Mackenzie are still involved with Mackenzie's and a potential buyer has already been lined up
In a statement issued last night, they said: " It is extremely ironic that this situation has arisen because Mackenzie's has had a great first year and is trading very well. Going into administration has been prompted by an error of judgment on our part and a certain amount of miscommunication.
"From our customers' point of view it is business as usual.
Mr Avery-Gee said yesterday: "It has cost a lot more to set up than expected and turnover has dropped recently. But Mackenzie's is still trading and we have already had an offer for the business."
No other elements of Mr Sherwin and Mr Ross-Mackenzie's Bar and Dining Room Company, which operates Mackenzie's, are affected by the administration.
Mr Sherwin was previously involved in running Birmingham's ill-fated Ronnie Scott's franchise in Broad Street which crashed in 2001 with debts of #1.6 million.
Mackenzie's claimed to be able to offer Birmingham's biggest selection of premier Champagnes after signing deals with Tattinger, Laurent Perrier and Moet & Chandon.
At the time of the bar's first anniversary, Mr Sherwin said: "We identified a need for a genuine quality dining experience but with less formality than many conventional establishments."