The restaurant group founded by Habitat owner Sir Terence Conran – Prescott and Conran – has fallen into administration.
The three remaining London outlets of Prescott and Conran – Parabola in Kensington, Lutyens on Fleet Street and Albion in Clerkenwell – have shuttered putting 168 jobs at risk
The restaurant group was co-founded with interior designer Conran, his wife Lady Conran and businessman Peter Prescott in 2006. The portfolio included restaurants, pubs, cafes, bars and a hotel. All except the boutique hotel, Boundary Project in Shoreditch, have since closed. The Conran family will continue to manage the hotel.
Stephen Clancy, administrator at Duff & Phelps, which has been appointed to handle the administration, said: “Over the past few months the group has been undertaking an operational review looking to enhance profitability and exit underperforming businesses.
“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.”