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Conran restaurant arm falls into administration

4:03 pm, 20th June 2018

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

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.”

He said as part of that process, some restaurants had already closed.

These include Parabola in Kensington, Lutyens on Fleet Street and the Albion in Clerkenwell – all in London.

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 underperforming restaurants.”

The Conran family will continue to run the Boundary Project, a boutique hotel in Shoreditch, which Mr Clancy said would become its “core focus” for the future.

Restaurants have not been immune from the squeeze on consumer spending that has been gripping the high street.

Creditors recently approved a restructuring programme for Carluccio’s that could result in the closure of dozens of restaurants, putting 500 jobs at risk.

Other restaurants that have announced plans to close branches include Byron, Prezzo and Jamie’s Italian.