Five masked and armed men burst into the Neill’s Hill Brasserie on the Upper Newtownards Road just after midnight on Friday.
They ordered employees – including the pregnant woman – onto the ground as they searched for money, before fleeing with a sum of cash.
Police have not disclosed the amount stolen.
Local MLA Robin Newtown described the attack on the restaurant, which was called Aldens before changing name, as potentially fatal.
“This armed robbery will cause a great deal of anguish for the staff and business owners it may take them some time to get over the dreadful experience,” the DUP man said.
“When guns are used there is no knowing what the outcome will be. We are fortunate that this robbery did not end with someone seriously injured or even a fatality.”
Michael Copeland of the UUP said: “It is an absolute disgrace that a local business providing employment and entertainment should be attacked and robbed by a gang of armed thugs.
“Those striving to conduct business in the current harsh economic reality certainly do not deserve to have the results of their efforts taken from them at the point of a gun, and hard working employees do not deserved to be terrorised in their place of work.”
Officers said all lines of inquiry remain open, including the possibility of paramilitary involvement.
Anyone with information is asked to come forward.
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