Virginia House hotel and restaurant run by Craig and Louise Sherrington has closed "with immediate effect".
The owners of the business in Ulverston, Cumbria, confirmed on Facebook that it had ceased trading.
Craig and Louise Sherrington said: "It is with great sadness and a very heavy heart that we must inform you Virginia House shall cease to trade with immediate effect.
"We have unfortunately succumbed to the current financial climate and our guest house, restaurant and bar are not financially viable.
"We'd like to thank all of our customers for their loyalty, support and custom over the past 3 1/2 years - we've has some great times and we hope you have had too."
Craig Sherrington appeared on the BBC's Great British Menu in 2018, narrowly missing out on getting his main course to the banquet.
Before opening Virginia House in 2015 he and Louise ran the General Burgoyne in Ulverston. Craig has also worked at Le Champignon Sauvage as sous chef and the Capital Hotel under Eric Chavot.
The Sherrington's added that the business was unable to make any refunds on deposits or honour gift vouchers at this time.
The liquidation is being handled by Begbie-Traynor.Get The Caterer every week on your smartphone, tablet, or even in good old-fashioned hard copy (or all three!).