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Wed 20th Jun 2018 - Prescott & Conran enters administration
Prescott & Conran enters administration: Prescott & Conran, the restaurant group founded by Peter Prescott and Sir Terence and Lady Conran in 2006, has entered administration. Stephen Clancy and Benjamin Wiles, of Duff & Phelps, have been appointed administrators. Prescott & Conran’s portfolio included Parabola in Kensington, Lutyens in Fleet Street and The Albion in Clerkenwell, which have all closed. 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.” Housed in a converted Victorian warehouse in Redchurch Street, The Boundary Project consists of a boutique hotel with 17 individually designed bedrooms, three restaurants, two bars, and a grocery, bakery and deli. Sir Terence Conran said: “I am very happy we have secured the future of The Boundary. I am also exceptionally proud that my son, Edmund, will be driving the business forward as chairman of the new venture. He is an astute, innovative restaurateur and businessman, who has made a terrific success of his own restaurant in Soho. I look forward to seeing him lead our activities in this splendid Victorian building for many years to come.” Prescott and the Conrans had worked together for many years at Conran Restaurants. They launched Prescott & Conran as a joint venture to focus on a smaller and more personal collection of restaurants, cafes, bars and a hotel. D&D London was founded by Des Gunewardena and David Loewi in 2006 following a buyout of Conran Restaurants.

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