Prescott & Conran’s London portfolio, including Parabola, Lutyens and Albion Clerkenwell, have been closed as the group falls into administration.
The group announced a restructure this morning, with control of the Boundary Project in Shoreditch transferred to a new holding company. The Boundary, incorporating Albion Shoreditch, remains open and under the control of the Conran family.
In recent months Prescott & Conran has been reviewing underperforming sites, and Les Deux Salons in Covent Garden closed in March.
In the last accounts for the business filed with Companies House for the 12 months to 26 June 2016, Prescott & Conran made a £2.1m pre-tax loss.
Stephen Clancy and Benjamin Wiles of Duff & Phelps, were today appointed administrators to Prescott & Conran and selected operating subsidiaries.
Prescott & Conran was founded by Peter Prescott and Sir Terence and Lady Conran in 2006. Prescott and Sir Terence had worked together for many years at Conran Restaurants prior to launching the venture, which was created to focus on a smaller and more personal collection of restaurants, cafés, bars and a hotel.
Clancy said: “Over the past few months the group has been undertaking an operational review looking to enhance profitability and exit underperforming businesses. As part of that process some restaurants had already been closed.
“The restaurant trade is going through a period of sustained change off the back of changing consumer demand. As such the group’s directors made the difficult decision to exit underperforming restaurants.
“As part of the administration process we have appointed property agents Davis Coffers Lyons to advise on the marketing and sale of certain property interests in the group. This process excludes 2-4 Boundary Street, owner of the Boundary Project, which is not in administration and will continue to be owned and operated by the Conran family. The Boundary Project remains the family’s core focus for investment and growth.”