The family behind the renowned Petersham Nurseries has announced the closure of its two Covent Garden restaurants, La Goccia and The Petersham, citing Brexit, the pandemic, and recent budget changes as contributing factors. The restaurants, part of the Floral Court complex within the Petersham Nurseries empire, ceased operations on Sunday after six years.
Management attributed the closures to the struggle to balance revenue with escalating fixed costs, including property expenses, debt, business rates, and rising staff wages, exacerbated by the anticipated impact of the recent budget. Lara Boglione, daughter of the company’s founders and current head of Petersham Nurseries, made the difficult decision after months of exploring alternative solutions. The closures were deemed necessary due to these significant financial challenges, compounded by lingering effects of Brexit and the Covid-19 pandemic.
Last month, The Telegraph reported that Petersham UK, the operating company for the two West End restaurants, had filed notice in the High Court of its intention to appoint administrators. This move provided a temporary reprieve, allowing the company to negotiate rent reductions with landlord Shaftesbury Capital. Importantly, the closures are limited to La Goccia and The Petersham, and do not affect the broader Petersham Nurseries business, which encompasses a thriving garden center, a lifestyle shop, and a Michelin Green-starred restaurant in Richmond.
The Petersham Nurseries brand originated in the early 2000s at Petersham House, a 17th-century family estate in Richmond, southwest London. Italian entrepreneur Francesco Boglione and his wife Gael acquired the adjacent garden nursery in 2000, laying the foundation for Petersham Nurseries, which opened its doors in 2002. It has since become recognized as one of the UK’s most prestigious garden centers, offering a curated selection of high-end gardening tools and accessories.
The Boglione family, whose circle reportedly includes actor Richard E Grant, continues to reside at Petersham House, showcasing an impressive private art collection featuring works by prominent artists such as Damien Hirst, Gary Hume, and Sir Antony Gormley. Lara Boglione assumed leadership of the business in 2011, expanding the family enterprise with the addition of Petersham Cellars, a wine merchant. She also spearheaded the 2018 launch of the Covent Garden restaurants.
Expressing her disappointment, Ms. Boglione acknowledged the team’s accomplishments and affirmed their commitment to welcoming Covent Garden patrons to their Richmond restaurant. However, she emphasized the unsustainable nature of the current cost structure, necessitating the closures and exploration of new locations. She expressed optimism for a more positive future for the brand.
The restaurant closures precede the implementation of increased employer National Insurance contributions, a tax hike projected by Oxford Economics to potentially result in the loss of 55,000 jobs. Andrew Goodwin of Oxford Economics highlighted the vulnerability of sectors heavily reliant on lower-paying roles, such as hospitality, arts and recreation, and wholesale and retail.
Jo Milner of Buchler Phillips, the liquidators overseeing the closures, characterized the situation as disappointing, acknowledging the potential for La Goccia and The Petersham to thrive under different circumstances. She underscored the challenging economic environment, citing the insolvency of nearly 3,500 hospitality businesses last year amid constrained consumer spending and rising staff costs.
