Prescott and Conran hospitality group goes bust
An upmarket restaurant group run by Habitat founder Sir Terence Conran has gone into administration.
Prescott and Conran, which was co-founded by the design guru, said its three remaining outlets in London had shut, putting 168 jobs at risk.
The affected outlets include Lutyens in Fleet Street, Parabola in Holland Park and Albion in Clerkenwell.
It is the latest of a string of UK eateries and retailers to fold blaming a consumer slowdown.
Stephen Clancy, administrator at Duff & Phelps, said: "Over the past few months, the group has been undertaking an operational review looking to enhance profitability and exit underperforming businesses.
"As part of that process, some restaurants had already been closed."
He 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."
Sir Terence, 86, opened the first Habitat shop in Chelsea, London, in 1964 with his third wife Caroline Herbert. It grew into a large chain selling household goods and furniture in contemporary designs.
He lost control of the company in 1990, but went on to set up the Conran Shop, furniture maker Benchmark Furniture and a string of well-known restaurants.
Founded in 2006 by Sir Terence, his wife Lady Conran and Peter Prescott, Prescott and Conran's portfolio included restaurants, pubs, cafes, bars and a hotel.
All have now closed, although the Conran family will continue to run the Boundary Project, a boutique hotel in Shoreditch.
The restaurant and retail industries have been under intense pressure this year due to rising costs and a squeeze on consumer spending, leading to several High Street names closing outlets.
Carluccio's was recently given approval for a restructuring programme that could see it close dozens of restaurants, putting 500 jobs in doubt.
Other chains which have been shutting stores include Byron, Prezzo and Jamie's Italian.