The Lion & Unicorn, U.K.'s only independent bookseller devoted to children's literature will shut down this August due to rent reviews, announced its owner.

The Lion & Unicorn is one of Britain's much loved independent book stores that was founded in 1977. The bookstore is U.K.'s only independent bookseller devoted to children's reading, selling picture books for young children to the latest teen fictions. The bookstore was also the first children's bookshop to win the Independent Bookseller of the Year Award and had author Roald Dahl as guest of honor at its opening.

Despite the achievements, the store will be shutting down this August due to high rental rates in the area, Jenny Morris, owner of the store announced in a statement.

Morris revealed that over the years the rent has risen to a point where it is now "unsustainable" and with another rent review coming up, he's not sure if he could handle the business.

"It has been tough on the rent side for several years now - for the last five years it has really made its mark. And at a time when the internet is also putting pressure on everyone," manager Tony West said.

He said, reaction from customers to the news of the shop's closure ranged from "horror to disbelief and sadness, and indignation that that's just the way it is these days".

"So upset to read that Richmond's brilliant Lion and the Unicorn bookshop is closing. It was one of my favorite places during my childhood," wrote one fan on Twitter. "That's a true piece of magic being lost," said another.