The Gull Inn, off the A146 in Framingham Pigot, is closing indefinitely this Sunday (September 24).
There is a potential buyer for the pub following an auction last Wednesday and the current owners hope that it will reopen by the end of the year.
A spokesman for The Gull Inn said: “We fared better than most post-Covid but bank rate rises and electricity costs coupled with reduced trade meant we were starting to burn money at twice as fast a rate.
“It’s an unfortunate consequence of today’s financial climate, this is happening all over the country.
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“The economy has beaten us.”
The Gull Inn, which can seat 165 people in its restaurant, is Grade II listed with character features such as exposed beams and fireplaces.
There is construction space in the property for an additional 40 to 50 covers on the terrace, meaning that it could become one of the largest restaurants in the region.
The Gull Inn went to auction with a guide price of £700,000 to £800,000 and a potential buyer was confirmed post-auction.
The spokesman added: “It’s very likely that The Gull will live on and staff are waiting in the wings for the new owner.
“The sad thing from our point of view is that we couldn’t do anything about this.
“I hope we have left a legacy behind.”
The pub will close after the final service of its carvery this Sunday.
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