- The restaurant chain, which included Lutyens on Fleet Street, has hit the buffers
- Duff & Phelps has been called in to handle the administration process
- A previous round of closures failed to restore the chain’s fortunes
- The restaurant industry is struggling to keep up with rising costs and fast change
High-end restaurant chain Prescott and Conran, founded by Sir Terence Conran in 2006, has slumped into administration putting over 168 jobs at risk.
Advisory firm Duff & Phelps, which was drafted in to handle the process on Wednesday, said the business was hit by ‘a period of sustained change’ in the restaurant trade.
Restaurateur Sir Terence Conran opened his first London restaurant, the Soup Kitchen, in 1953
Prescott and Conran has already swung the axe on underperforming restaurants, including Parabola in Kensington, Lutyens on Fleet Street and the Albion in Clerkenwell, following an urgent review of its portfolio.
The collapse comes at a torrid time for the restaurant and retail industries, which have come under intense pressure this year due to changing customer demands and rising costs.
One of Conran’s upmarket eateries, Restaurant Plateau in Canary Wharf London
Prezzo, Carluccios, Jamie’s Italian and Byron have all launched company voluntary arrangements (CVAs) in order to exit unprofitable stores and slash their respective rent bills.
Prezzo is set to close nearly 100 stores and secure lower rents on others
Carluccios has been given the green light to close more than 30 restaurants, while Prezzo will dispose of 94.
Prescott and Conran was the brainchild of Peter Prescott and Sir Terence and Lady Conran in 2006, and was formed to focus on restaurants, cafes, bars and a hotel.
The Conran family will continue to run the Boundary Project, a boutique hotel in Shoreditch.