The owners of a longtime downtown Colorado Springs staple business announced its sale on Wednesday night.

Richard Skorman and Patricia Seator had received several offers to sell Poor Richard’s after 51 years in operation, but elected to sell to Joe Cole and Sarah Gibeau-Cole because of their shared values and commitment to preserving the business.

The beloved book and gift store, toy store, restaurant and wine bar opened in 1975 and will soon house a familiar face in Colorado Springs.

Joe Cole was a longtime anchor and news director at Colorado Springs’ Fox21, where he was passionate about serving the local community, according to the news release announcing the sale.

Ultimately, Cole and Gibeau-Cole sealed their connection to Skorman and Seator when they were “deeply moved” by Poor Richard’s providing hundreds of free meals to federal workers impacted by the government shutdown in the fall.

The sale was made possible in part by the contributions of John Weiss, who is the new owner of the Manitou Springs Penny Arcade and the Catalyst Fund founder.

A public celebration of the sale will be held on May 3 with all four owners.