A ‘top quality’ London restaurant hailed by Michelin and its diners has blamed Rachel Reeves’ budget for its shock closure at the end of this week.
Margot Italian restaurant in Great Queen Street, nestled in the heart of Covent Garden, first opened its doors to customers in 2016.
Initially a venture by two of London’s most experienced maître d’s – Paulo de Tarso and Nicolas Jaouën, the much-loved restaurant won applause from the Michelin Guide, CN Traveller and other renowned critics for its delicious menu.
Described by Michelin as a ‘plush Italian restaurant offering an appealing choice of dishes’ fan-favourites included its ‘buttery, rich ravioli parcels’ served with ‘toasted hazelnuts’, alongside the ‘chicken wrapped in delicate Parma ham and tucked into a bed of sage and shredded rapini’.
But now, lovers of the popular upmarket Italian restaurant have been left devastated after its owners announced it will close its doors to customers for good on Saturday, June 28.
Taking to Instagram to share the saddening news, the company cited difficult trading conditions alongside the impacts of Rachel Reeves’ budget as the key reasons for the sudden closure.
Addressing ‘dear friends and valued guests’, their statement read: ‘After much reflection, and as a result of the substantial business rate and national insurance cost increases imposed on us in this year’s budget, we have made the difficult decision to close Margot. Our final day of service will be the 28th of June 2025.
‘We are deeply grateful for the support, memories, and meals we’ve shared with this wonderful community. Thank you for allowing us to serve you. Your loyalty and encouragement have meant everything to us.
‘Though this chapter is ending, we are proud of what we built and we’ll carry these memories with us always.’
Devastated diners took to the comment of the social media post to share their dismay at the closure, with one commenter stating: ‘So sad to hear this. One of my all time favourite restaurants with so many great meals and wonderful memories. Thank you for being so special. You will be very missed.’
Another posted: ‘This is dreadful news! You will be so missed. We’ve had wonderful evenings with you and some unforgettable birthday meals. We always recommended you to friends and family, and often drove up from Devon just to have dinner!’
Meanwhile, another sad follower thanked the restaurant for ‘all you did and the memories that will last forever’.
They also remarked that it was ‘tragic’ that the restaurant, a place of ‘true customer love and craftsmanship’ had been forced to close, ‘while chains expand’.
The popular Italian restaurant, which placed a particular emphasis on its customer service, has often won high praise.
Named after de Tarso’s mother-in-law, the business was applauded by the Michelin Guide for its ‘service and surroundings’.
A unwaveringly positive review of the restaurant added: ‘The menu offers an appealing choice of dishes, from simply prepared fish of the day to veal-based classics like ossobuco and vitello alla Milanese – and top quality ingredients and bold flavours run throughout.’
Meanwhile, CN Traveller was complimentary of its ‘charismatic service’, alongside head chef Alessio Pira’s ‘polished and unfussy’ regional menu’.
Describing the venue as the ‘ideal place to drop in for cheese and wine before hitting the West End’, they cited the ‘polished and unfussy’ regional menu as a particular selling point.
It comes as in October furious bosses hit out at Rachel Reeves’ ‘business battering’ Budget.
The Chancellor hiked employer national insurance contributions by 1.2pc to 15pc from April this year.
And she slashed the earnings threshold – the amount workers must earn before employers pay national insurance – from £9,100 to £5,000.
In December last year, Ms Reeves visited retailers and claimed Labour was ‘trying to help’.
She said: ‘I know it’s tough and there are a lot of costs but we are trying to help.’
She told the owner: ‘I’m not sure if you’ve looked at the national insurance changes that we made in the Budget but we’ve increased the employment allowance to £10,500.
‘So you should look to see what happens to your business because… if your national insurance bill is less than £10,500, you won’t pay any national insurance.
‘We’ve tried to design it in a way that supports the smallest businesses.’
More than 4,000 restaurants were forced to close in 2024, with top chains such as Rimmer’s Greens, TGI Fridays and the controversial Karen’s Diner shutting their doors to customers for good.