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
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