Popular Wellington restaurant Olive closing, new venue planned to ‘bring the vibrancy’ back

• Olive on Wellington’s Cuba St has been sold, with the new owner planning a venue refresh.
• Richard Walshe and Scott Benton have purchased the restaurant, which will close on January 28 and reopen in late February to early March.
• Walshe has assured fans that Olive’s courtyard and trading hours will remain the same.

A much-loved restaurant described as a Wellington “institution” has been sold, with the new owners planning a complete refresh to “bring the vibrancy back” to the capital.

Olive has been serving French- and Italian-inspired contemporary New Zealand Cuisine on Wellington’s Cuba St for more than two decades.

It was owned by head chef Jamie Morgan and brothers Ferdi and Carlo Petagna, who also own and operate Italian restaurant Fratelli on Blair St.

Carlo Petagna told the Herald that after 10 years operating the business, the trio decided to put it on the market 18 months ago.

“We’ve had a great time here and loved the last 10 years but for us, we just wanted a change in life.”

He said when they took over the restaurant, they were in a “different stage of life”, and now all have young families and want to step back.

“It’s tough, there’s a lot of nights that you’re away from home working,” he said.

But Petagna was also clear there are no regrets.

“I don’t want this to be a sad story, it’s more a celebration for us of Olive, it’s been in Wellington hospitality for about 25 years,” he said.

It won’t be named Olive anymore, Petagna said, and they plan to close on January 28.

Owner Carlo Petagna says after running the business for 10 years, it is time for a change. Photo / Google Maps

Richard Walshe confirmed to the Herald he and business partner Scott Benton have purchased the business.

Walshe, who is also a business and life coach, has 20 years’ experience in hospitality and said he hopes the new spot will “bring the vibrancy back” to Wellington.

He purchased historic Wellington pub the Thistle Inn 10 years ago and said he “transformed” it from making no money into a “hugely successful” venue.

Walshe said the new venue to replace Olive would open in late February to early March after the premises receive a “refresh”, but wanted to assure loyal customers “your favourite nook will still be there”.

He said the much-loved courtyard would remain and it would operate with the same trading hours.

Olive is known for its "rustic-chic" courtyard dining area. Photo / instagram.com/oliveoncuba

Another Wellington restaurant, Mabel’s, also confirmed its closure this week, with mention of the need for better work-life balance.

In a post on Instagram, owner Marlar Boon explained the reason for shutting.

“We have missed our kids terribly (Ian has worked nights all of our eldest son Maxim’s life) and are looking forward to some summer 2025 downtime, celebrating my little brother’s wedding and catching up with extended whānau.”

Popular bakery Myrtle is also closing, announcing the decision one week after being crowned the capital’s best bakery.

The closures follow others in the hospitality industry this year including Bordeaux Bakery, Pandoro, Alamir Bakery and Hiakai.

Walshe said it’s not all doom and gloom in the sector but acknowledged it can be “challenging” and “hard work”.

A name for the new venue is yet to be decided.

Ethan Manera is a multimedia journalist based in Wellington. He joined NZME in 2023 and is interested in politics, local issues and the public service. Ethan is always on the lookout for a story and can be emailed at ethan.manera@nzme.co.nz or messaged on X (formerly Twitter) via the handle @ethanjmanera.