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Prescott & Conran collapsed owing £14m to creditors

Following the news in June that the upmarket restaurant group, Prescott and Conran had gone into administration, it's now be revealed that the firm collapsed owing creditors over £14m.

Founded in 2006 by Sir Terence Conran, his wife Lady Conran and Peter Prescott, Prescott and Conran's portfolio included restaurants, pubs, cafes, bars and a hotel.

Parabola, Lutyens, Albion Clerkenwell, Les Deux Salons and Albion Neo Bankside have all been closed, although the Conran family will continue to run the Boundary Project, a boutique hotel in Shoreditch.

Administrators Duff and Phelps, filed with Companies House, and reported, “In common with a number of restaurant businesses, the companies had encountered continued difficult trading conditions incurring significant trading losses.

“Despite management’s strong focus on operational turnaround and a number of injections of funding by Sir Terence Conran, Lady Victoria Conran, and Edmund Conran, the loss-making companies remained unviable.”