A zoo has announced it will permanently close after 17 years, blaming “difficult” times for businesses.

Axe Valley Wildlife Park, near Axminster in Devon, said in a statement that the “sad” decision to close on Friday had been made “with a heavy heart”.

“As many of you may have heard in the news, we are not the only business facing these difficult times,” it said, adding: “Unfortunately, it has become financially unviable for us to continue operating.”

The zoo, which is home to meerkats, zebras, flamingos and wild cats, said in the statement all its animals would be rehomed “safely and responsibly, in full compliance with animal welfare rules and procedures”.

“When we opened our gates 17 years ago, we could never have imagined the wonderful journey ahead, the thousands of amazing visitors, school trips, and loyal members who became part of our zoo family,” the statement said.

“We are so proud of the wide variety of animals we’ve cared for over the years, each one holding a special place in our hearts.”

Staff and volunteers were also recognised for their “love, dedication, and passion to care for our animals and welcome our visitors”.

“We truly couldn’t have done it without you,” it said.

Members holding active subscriptions would be eligible for refunds and the zoo thanked visitors for making “the past 17 years truly unforgettable”.