The George family has run the hotel for almost 50 years
The Welbeck Hotel & Restaurant will close its doors later this year.
It has been run by the George family since 1978 and will close in November.
They added: "Despite our continued efforts to secure a buyer, we have reached a point where continuing to operate the business is no longer sustainable.
"Our employees have been informed of the situation, and we are currently undertaking the appropriate consultation process regarding potential redundancies. Our staff have been incredibly gracious and understanding during what is undoubtedly an unsettling time, and we are extremely grateful for their cooperation, professionalism and continued support."
In a statement, the family said that all existing bookings up to 23 November 2026 will be honoured.
Guests with reservations beyond this date will be contacted individually in due course, and any deposits paid will be refunded in full.
The family added: "We kindly ask for patience and understanding while we work through the necessary arrangements and contact those affected.
"We would also like to reassure our valued suppliers that all outstanding balances will be settled in full before the business is finalised. We are extremely grateful for the relationships we have built with our suppliers over the years and for their continued support.
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