The Conran family has moved control of the Boundary Project in Shoreditch, London, to a new holding company, having bought all shares in the business from Prescott & Conran.
In recent months Prescott & Conran has been reviewing underperforming sites with a view to making closures as part of a restructuring process. In March it closed Les Deux Salons in London’s Covent Garden.
Meanwhile, documents filed with Companies House show Peter Prescott resigned as a director in January, with his stake transferring to Conran.
The new company that will control the boundary project will be wholly owned by the Conran family. Housed in a converted Victorian warehouse, the Boundary Project consists of a hotel with 17 bedrooms, three restaurants, two bars and a grocery, bakery and deli.
The move means the Prescott & Conran portfolio now includes: Parabola, Kensington High Street; Lutyens in Fleet Street; Albion Clerkenwell; and the Château Boundary wine club.
Sir Terence Conran said: “I am very happy that we have secured the future of the Boundary. I am also exceptionally proud that my son, Edmund, will be driving the business forward as chairman of the new venture.”
Edmund Conran added: “This is good news for the employees and customers of the landmark Boundary. The business is based on our family values of excellence in both quality and service, which our customer base has come to know and expect. I am excited about the opportunities which lie ahead in what is a positive move for the business as it looks to the future.”