ONE of Newport's best-known restaurants, Olivo in St Thomas Square, is up for sale with a price tag of £125,000.

The fixtures, fittings and stock are being sold by commercial property agents, Gully Howard, although there will be no transfer of the business and a new lease is currently being negotiated.

There are 60 covers inside the restaurant and around 60 further covers outside.

The restaurant is described as being well-know and highly regarded with a reputation for providing good quality Italian cuisine in a relaxed atmosphere.

UPDATED: 11.41.

A spokesman for Olivo Ltd said that the company had decided to withdraw the restaurant from the market.

He said the company would instead carry on and improve the restaurant.