High-end hospitality group comes to an end as it falls into administration

Thu, 21 Jun 2018 | ADMINISTRATION

Upmarket restaurant group Prescott and Conran Limited has gone into administration, citing a decline in consumer habits as the reason for folding the last of its eateries across London.

Lutyens on Fleet Street, Albion in Clerkenwell and Parabola in Kensington are the last three of the company’s swanky restaurants to shut, following the closure of Les Deux Salons in Covent Garden just three months ago.

One of the administrators commented: “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.”

Prescott and Conran was set up in 2006 by Peter Prescott and design-pundit Sir Terry Conran and his wife Lady Conran, which grew to accumulate a portfolio of upscale restaurants, bars, cafes and a hotel.

Although all of its outlets have now been shut, the Boundary Project boutique hotel in Shoreditch continues to be operational, having changed hands from Prescott and Conran Limited to being under the management of the Conran family itself.

While the hotel has changed hands and is no longer part of Prescott and Conran Limited, the rest of the hospitality group is now being advised for sale.

Click here to contact the administrators


Share this article



Latest Businesses for Sale

Natural Stone Supply Company: Sourcing/Processing/Distribution
Aberdeenshire, Scotland, UK

This company specialises in supplying the highest quality natural stone products, offering a complete turnkey solution to its customers from sourcing, through to processing, design and final distribution and delivery. Offers invited.

Asking Price: £1,050,000
Turnover: £1,100,000

RELOCATABLE


Precision Engineering Business
North West, UK

Precision Engineering Business for sale operating with a modern, well equipped machine shop, offering Engineering Development Modelling (EDM), CNC turning & milling, grinding, boring and fitting. Offers invited.

Asking Price: Offers Invited
Turnover: £400,000

LEASEHOLD


Accountancy Business
UK Wide

High quality practice with strong middle management on the market for the first time. Established: 25 to 30 years. Strong middle-tier management to support acquirer throughout the transition period and on an ongoing basis. Locations: Cheshire, Mersey...

Asking Price: £1,300,000
Turnover: £1,300,000


View more businesses for sale

News Search

Latest News

 
20
 
Sep
 

Thomas Cook seeking 'last-ditch' fire sale | BUSINESS SALE

Thomas Cook Group is reportedly trying to piece together a l...

 
19
 
Sep
 

Smith & Williamson and Tilney to merge | MERGER

After revealing in August this year that talks were in place...

 
18
 
Sep
 

Infrastructure investment manager takes stake in LJLA | BUSINESS SALE

Infrastructure investment management group, Ancala Partners,...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide

Email


Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources