Prescott & Conran has gone into administration, with three restaurants closing.
The group confirmed yesterday that Stephen Clancy and Benjamin Wiles, of Duff & Phelps, had been appointed administrators.
Parabola in Kensington, Lutyens on Fleet Street and the Albion in Clerkenwell have all ceased trading, whille Lutyens and the Albion have been put up for sale through Davis Coffer Lyons. The Parabola site at the Design Museum is expected to return to the museum.
The Conran family has bought back the Boundary Hotel in Shoreditch, including its three restaurants, two bars and a grocery, bakery and deli.
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 have already 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 Coffer Lyons to advise on the marketing and sale of certain property interests. This process excludes 2-4 Boundary Street Limited, 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.”
Sir Terence Conran told The Times: “I never thought I would find myself in the position again where severe economic pressures would force me to consolidate our businesses. However, it is a terribly difficult economy that we find ourselves in and, just like many other seasoned restaurateurs in the industry, we have been forced to make tough, brave decisions to protect our future.”