The Boundary Hotel in Shoreditch is to remain open and trading as usual as its owners Prescott and Conran fall into administration.
The boutique hotel, which opened in 2009, has been sold to a new trading company still owned and operated by the Conran family, one half of the founders of the restaurant and pub chain.
The other London businesses within the Prescott and Conran portfolio – Parabola in Kensington, Lutyens on Fleet Street and the Albion in Clerkenwell – have all closed with immediate effect after administrators were called in following a tough trading period.
Prescott and Conran was founded by Peter Prescott and Sir Terence and Lady Conran, creators of retail chain Habitat, in 2006 who had worked together many years at Conran Restaurants.
It was a new joint venture created to focus on a smaller and more personal collection of restaurants, cafes, bars and a hotel.
Now with the three restaurants shutting their doors, The Boundary Project will be the only London hospitality venture still owned by the Conrans.
Stephen Clancy and Benjamin Wiles of Duff & Phelps, were appointed Administrators to Prescott and Conran Limited and selected operating subsidiaries on 20 June 2018.
Clancy said that the hotel remains the family’s ‘core focus’ for investment and growth over the coming months.
He stated: “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 continued: “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.”
“As part of the Administration process we have appointed property agents Davis Coffers Lyons to advise on the marketing and sale of certain property interests in the group.