Administrators have taken over at Prescott and Conran Limited and selected operating subsidiaries, it was confirmed this afternoon.
Prescott and Conran was founded by Peter Prescott and Sir Terence and Lady Conran in 2006, who had worked together many years at Conran Restaurants. They set up the joint venture with a focus on a smaller and more personal collection of restaurants, cafes, bars and a hotel.
Stephen Clancy from Duff & Phelps, which is handling the administration, said: “Over the past few months the group has been undertaking an operational review looking to enhance profitability and exit under-performing businesses. As part of that process some restaurants had already been closed.”
Prescott and Conran’s portfolio included Parabola in Kensington, Lutyens on Fleet Street and the Albion in Clerkenwell, all of which have now been closed, according to the administrators.
Mr Clancy added: “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 under-performing 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.”
One venture that is not part of the process is 2-4 Boundary Street Limited, owner of the Boundary Project. It is not in administration and will continue to be owned and operated by the Conran family. It remains the family’s “core focus for investment and growth”, said Mr Clancy.
The shareholding in 2-4 Boundary Street Limited which operates the Boundary have been sold by the administrators of Prescott and Conran Limited to a new company, owned by the Conran Family.