unlikely to reopen as a restaurant, The Royal Gazette has been told.

Contents of the restaurant are due to be auctioned on November 20, and sources say liquor firm Gosling's, which owns the site, is looking for a buyer for the building.

Shutters Ltd., the company set up last year to manage the building, is no longer operational. And Shutters Ltd. owners Mr. John Roach, his wife Pamela, and partner Mr. Tony Duggan will no longer manage the site because they now believe the building is not viable as a restaurant due to design constraints, said a source close to the sale who spoke on condition of anonymity.

"Shutters Ltd. took a big gamble by opening the restaurant in the first place,'' the source said.

"It opened in the middle of a recession and at a time when the restaurant industry was more competitive than ever.

"The people involved believe they have given it their best shot but things have not gone according to plan. These things happen in business. They've tried to create something new for Bermuda but it just hasn't worked out.'' Shutters was one of Bermuda's largest restaurants, seating 165 people.

It closed on August 5, 1993 -- just two weeks short of its first anniversary.

At the time, Mr. Roach said the restaurant would reopen in February with a new concept, thought to have been based on the American TGI Friday chain.

However, the kitchen at Shutters was too small to make the concept work, The Royal Gazette was told.

There were also doubts about whether Bermuda's Government would allow another franchise restaurant on the Island.

It is believed Gosling's may plan to sell the site as an office block, taking advantage of the increased demand for top-quality office space in Hamilton due to the influx of international business this year.