Margot, a renowned Italian fine dining restaurant in Covent Garden, has announced its closure due to significant financial strain from rising national insurance and business rates imposed by the Chancellor in the Autumn Budget. With its final service scheduled for June 28, 2025, the restaurant expressed gratitude for the community's support but emphasized the impact of these economic changes on its operations. UKHospitality's CEO highlighted that increased employer NICs would notably burden businesses, leading to reduced investments and job cuts, showing the broader consequences of government policies on the hospitality sector.
Thanks for being part of our story. Dear friends and valued guests, after much reflection, and as a result of the substantial business rate and National Insurance costs imposed on us in this year's Budget, we have made the decision to close Margot.
The change to employer NICs is one of the most regressive tax changes ever. The scale of this change is unprecedented, bringing three-quarters of a million people into this employer tax for the first time.
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