The restaurant, which relocated to Mayfair from Ludlow in 2007, has traded for 16 years across the two locations.
In a statement chef-patron Bosi said it wasn't 'the end', simply the start of a new chapter.
"We want to thank our loyal and supportive customers, many of whom we are now lucky enough to call friends. We have loved being in Mayfair; it was the perfect place to open our first London restaurant all those years ago," he said.
"This isn’t the end; we hope you will join us in the next chapter, which we are hugely excited about and will announce later this year."
It is hoped Hibiscus, which Bosi opened when he was 27, may move to another site in London.
In an interview with BigHospitality last year to mark his restaurant's 15th year Bosi said he had no intention of hanging up his apron.
"Fifteen years has gone quickly and so will another 15 years," he said. "I was talking with a friend about retirement and I saw this chef in France who is 70 and still cooking. But it is not just about cooking it is about the restaurant, the customers and the service. I love it so much I can see myself going on and on. I will keep the restaurant as busy as possible for the next 15 years. We will still keep pushing and not cruising."