London restaurants Albion, Parabola and Lutyens close as Sir Terence Conran and Peter Prescott venture folds
Another string of restaurants in London have closed after the company Prescott & Conran went into administration.
Albion, a British cuisine restaurant in Clerkenwell, closed today, as did Lutyens in Fleet Street and Parabola in Kensington.
Another restaurant in the portfolio, Covent Garden's Les Deux Salons, closed in March.
Today Duff & Phelps announced that it had been appointed as administrator to Prescott & Conran.
The company was a collaboration between Sir Terence and Lady Conran and Peter Prescott.
Sir Terence and Prescott had previously worked together on Conran Restaurants, which is now called D&D and operates City hotspots like the Coq D'Argent.
Prescott stepped down from Prescott & Conran earlier this year, and either sold or transferred his stake to Conran.
Administrators have already sold the site of the Boundary hotel in Shoreditch to a separate company owned by the Conran family.
Davis Coffers Lyons has been appointed to market the other sites.
Stephen Clancy of Duff & Phelps said: “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.”