Sir Terence Conran's restaurant group calls in administrators

By Sophie Witts contact

- Last updated on GMT

Sir Terence Conran's restaurant group calls in administrators
Sir Terence Conran’s London restaurant group has gone in to administration with the closure of three sites.

Prescott and Conran was founded by Peter Prescott and Sir Terence and Lady Conran in 2006.

The group’s restaurants Lutyens on Fleet Street and Albion in Clerkenwell have both shut their doors, alongside Parabola at the Design Museum in Kensington – which opened in 2016.

French brasserie Les Deux Salons in Covent Garden, which the company bought in 2014, has also closed over the last year.

The Boundary Hotel in Shoreditch - which houses Stephane Reynaud's Tratra​ restaurant - will remain open and has been sold by the administrators to a new company owned by the Conran family.

It appears that Prescott is no longer involved in the business, and filings on Companies House show he ceased being a director at Prescott and Conran on 3 January.

Stephen Clancy of Duff & Phelps, which is handling the administration, says: “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.

“The Boundary Project remains the family’s core focus for investment and growth.”

The announcement follows a string of high-profile closures across the restaurant industry this year, including Galvin Bistrot de Luxe, Turners at 69 in Birmingham, and Norse in Harrogate​.

Chains including Jamie’s Italian, Byron and Carluccio’s have also shut sites amid rising rents and business rates on the high street.

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