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.”