IT has been a stalwart eatery for generations of diners.

Nick’s Restaurant in East Street in Southampton city centre has been a family and party fixture for more than 45 years.

But now a hand-written “for sale” sign posted in its darkened window marks the passing of this once lively institution.

The Greek restaurant’s lease has been put up for sale and its ten staff axed because its leaseholder says he is pulling out amid falling profits.

Hamid Bani-Hashemian told the Echo profits have been declining for the last three years.

He said: “It has been gradually going downhill.

“I am really sorry to have had to close the restaurant and that people have lost their jobs.”

The London based businessman blames petrol prices, increased parking charges and VAT as well as the lack of regeneration help for the East Street area, which has been hit by the opening up of WestQuay.

“It has been difficult to attract a new generation of people to the area,” he said.

However, he is hopeful someone can take the restaurant on and give it a new lease of life.

He said: “Nick’s restaurant will live on, but someone else needs to carry it on and I am searching for them.”

Mr Bani-Hashemian bought the restaurant lease from its founder Nicholas Prodromou after he retired in 2000.

It opened in 1964 and quickly became a family favourite for its relaxed atmosphere and because of the larger than life personality of Mr Prodromou.

Originally established as a small Greek café Nick’s grew to become one of the most recognisable eateries in the city.

Over the years it expanded into a large licensed restaurant complete with dance floor and extended bar.

Serving Greek, English and continental food the restaurant has an extensive menu offering a huge variety of meals day or night.