Seven iconic venues along Hobart’s waterfront and suburbs suddenly shut after the owners entered voluntary administration.

Administrators Apex Advisory will try to find a new owner for seven venues owned by Pub Banc Group and Hotel Banc Group across Hobart.

The group employs more than 80 people at some of the city’s most well known establishments including Cargo Bar Salamanca, Jack Greene, Observatory Bar, Franklin Wharf Restaurant and Bar, the Franklin Wharf Function Centre, Republic Bar and Post Street Social.

The Cargo Bar posted on social media the decision has resulted in the immediate closure of all the group’s venues and they were unable to host any upcoming reservations, private functions or scheduled events.

“We understand the massive impact this has on your plans — especially for those who have trusted us with milestone celebrations, weddings, and corporate gatherings,” the post read.

“Please know that this situation is entirely beyond our control, and we are devastated to be delivering this news to you so abruptly.”

The administrators said they working to determine the process for prepaid bookings, function deposits and event cancellations.

Apex Advisory managing director Tim Booker said the purpose of the voluntary administration was to preserve the value of the businesses and move quickly to a sale or recapitalisation.

He said the aim was to reopen the venues under new ownership.

“Our objective is to protect jobs wherever possible, maximise the outcome for creditors and secure the long-term future of these venues for the Tasmanian community,” he said.

“The venues will cease to operate in the immediate term while an urgent sale process is undertaken.

“These are iconic venues with strong brands, prime locations and loyal patronage, and assets of this quality rarely come to market.

“We anticipate significant interest from hospitality operators and investors both within Tasmania and nationally.”

The group’s director Ian Vaughan told The Mercury the closures followed an extended period of challenging trading conditions.

“Our venues have been enjoyed by the Hobart community and visitors for many years,” he said.

“They have provided employment opportunities for local people, supported a wide network of Tasmanian suppliers and played a role in the social fabric of precincts such as Salamanca and North Hobart.

“The fact that we have reached this point is deeply disappointing.”

Independent MP and publican Kristie Clark told ABC Hobart venues were facing cost of living pressure and patrons did not have much discretionary spending.

“We also know there’s significant pressures on our costs from suppliers, we’re continuing to see costs increasing, whether that be our beverages or our food supplies, our insurance, or our rents,” she said.

“They all go up, unfortunately, and it has put significant pressure on small businesses.”

Hospitality Tasmania chief executive officer Steve Old said politicians were “quite keenly going around shitcanning industries, trying to get rid of jobs in Tasmania”.

“And then they want to talk up the economy, I’m sick and tired of it to be frank with you,” he said.

“Politicians at local, state and federal level need to actually stand up for Tasmanian business, or this is what you’re going to get.”