Greens Cafe has been run by the Kermode family for three decades, and will now change ownership.
Woodbourne Group says they are now a 'dynamic collection of culinary experiences', and now exist as 'three distinctive Manx brands : Woodbourne Kitchen, Woodbourne Deli and Greens Cafe'.
The company has released a statement saying while they plan on maintaining Greens Cafe's friendly ambiance, they are eager to introduce new offerings.
The full statement said: 'Woodbourne Kitchen is thrilled to announce that we will be taking over the iconic and much-loved Greens Cafe in St John's, a cherished establishment that has been serving the island for over three decades.
'Nicky, Nigel and the Greens family have been close friends of ours for many years, and we're committed to upholding their tradition of exceptional service, warm hospitality and a menu that has become a source of comfort and delight for the community.
'Don't fret - pink pasta, homity pies and the much loved yoghurt cake will remain menu stapes at Greens!
'This transition will ensure that Greens Cafe remains a cherished destination for many years to come, with the same dedication to quality, friendly ambiance and a menu celebrating flavours that have become synonymous with the Isle of Man.
'As part of this transition, Woodbourne Kitchen is eager to introduce some new and exciting offerings while maintaining the cafe's enduring charm.
'We look forward to welcoming customers, old and new to Green's Cafe and cannot wait to embark on this new journey with you all'.