An iconic Melbourne seafood restaurant has closed its doors after 38 years in business following its collapse into insolvency.

The owners of Lobster Cave in Beaumaris in the city’s south-east today confirmed it has ceased trading almost 40 years since it first opened.

The restaurant has closed its doors after the lease expired on the premises and owner Lob Nominees Pty Ltd also stopped trading.

Lobster CaveThe owners of Lobster Cave in Beaumaris in the city’s south-east today confirmed it has ceased trading. (Google Maps)

The famous Melbourne eatery collapsed into administration in May.

Insolvency expert Stephen Dixon of Hamilton Murphy was appointed administrator for the embattled seafood venue.

“From the bottom of our hearts, we extend our sincere gratitude for 38 incredible years of friendship, laughter and unforgettable memories shared at Lobster Cave,” a message posted to Instagram reads.

“We are grateful to have created lifelong memories for so many families and to have been a part of your special moments.”

However, the post teased a potential return at another venue.

“This isn’t goodbye forever, just goodbye for now,” the statement added.

“Lobster Cave looks forward to welcoming you back in the future to a new Lobster Cave in a new location.”

Lobster Cave, which opened in 1987, employed around 60 people at the time.