Upmarket restaurant group Prescott & Conran, co-founded by Sir Terence Conran, has this week announced that the business has gone into administration with Turner Parkinson’s Insolvency team advising the administrator.
Insolvency Partner Will Jones will be advising administrator Stephen Clancy from Duff & Phelps.
Stephen commented: “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."
Prescott and Conran appear to be the latest casualty to hit the UK restaurant and retailer industry in recent months as the change in consumer demand is leaving many businesses fearing the worst.
Our Insolvency team recently discussed the changing retail environment in the UK which has seen the demise of Britain’s biggest household names. Read more