Beloved restaurant Epocha in the heart of Melbourne's Carlton dining precinct becomes the latest casualty of Australia's hospitality crisis

A long-running and highly regarded Melbourne restaurant has become the latest victim of a crisis slamming Australia's hospitality industry. 

Epocha, which styles itself as a European restaurant, announced on Wednesday night that after 12 years in business it will shut for good on September 14.

Based in the inner suburb of Carlton, the imminent closure of the venue run by Angie Giannakodakis and Guy Holder led to an outpouring of grief from supporters.

But no one is as sad as the owners, who wrote on social media that it was 'with a mix of heavy hearts and deep gratitude' that they came to the conclusion to close down.

'Looking at what's happened (with the economy) in the last three to four years, it takes a lot of strength and courage to get through these things,' Ms Giannakodakis told Daily Mail Australia. 

'I live in an industry where we're very good at altering things and we're very good at pivoting and we're very good at adjusting and change.

'But the one thing that we can't do is (control) all the externalities, we can't change those things.'

One of those externalities is the building the restaurant is based in. After its owner died last year, his family want to sell it and Epocha's owners can't afford to buy it. 

This led to the hard decision that 'it was a wiser choice to close it now rather than allow it to go silent in the night', Ms Giannakodakis said.

'Hopefully in years to come, people will look back at this restaurant and go "That was a restaurant. That's the definition of a good restaurant".'

Diners took to social media to comment on the closure, including one from a huge fan of the restaurant. 

'I reckon this hits me the hardest of all the recent closures across our great city and across the country,' the commenter wrote.

'Epocha (and Elyros) were like a beacon of hope and ambition on opening, all these years ago now. So many great memories! 

'Don't give up Angie Giannakodakis, you are one of our national treasures.'

Ms Giannakodakis said she was 'truly grateful for all the messages that people have sent to us and also the comments from people who have replied to our post (online).'

She added: 'It's a little bit overwhelming. But at the same time it's also great for the staff to see that, (so) they do know that they work for a good restaurant.'

As words spreads that Epocha has just over six weeks left, its bookings have increased, so much so that they are trying to move people to some of the less popular nights such as Sunday evening, or Monday nights where they are specialising in catering for other hospitality workers. 

Though the building was the main catalyst behind the decision to close, Ms  Giannakodakis said economic factors played a part too. 

'I even see it myself when I go shopping. My money doesn't go as far as it used to,' she said. 

'So I'm mindful about where I'm going to spend that dollar, and value for money is very important.'

She is also very aware of how competitive the Melbourne market is for restaurants. 

'As a Melburnian myself, one of the things that we pride ourselves on is, this is our social currency, dining out.

'We do this very, very well... apart from wearing black extremely well,' Ms  Giannakodakis joked, still able to have a laugh despite the business she has put a dozen years of her life into being in its last days. 

She also spoke about her philosophy of what a restaurant should provide for its clientele, which she plans to carry on to whatever her next hospitality venture is. 

'Restaurants should be more about (having customers) looking at a dish and going, "I want to eat that. It's good for me. It's wholesome. It's gonna warm me. I need it".'

Ms Giannakodakis said creating that sort of feeling is vital and creates an 'essence of nourishment' beyond the food itself.  

'If you put a beautiful roast chicken in front of them, the smile from (customers) is ridiculous (and other foods don't) have the same impact.

'I feel like people are looking towards (Epocha's) food in a different way ... what it's going to do to their body and their soul.

'But I think in essence, over the week they would go around thinking about that meal and going, "that was really good. I feel good this week because of that".'

Epocha is one of the many long-established restaurants across the country shutting down in recent months, including Angler in Adelaide and Brisbane hipster restaurant Nota. 

Both said skyrocketing costs contributed to the decision to close. 

With the reputation earned at Epocha, Ms Giannakodakis and Mr Holder could be back in business in a new location before too long.  

'The main thing right now is to look after our customers,' she said. 'Hold our people tight and make sure that the people that collaborate and also work with us are looked after.'

When they do finally close, she said she wants 'to go home and I want to cook some dinner and I want to look at my family and have a bit of a think about the future.'