UK: Ownership of the Boundary Project in Shoreditch has been secured following the sale of shares in 2-4 Boundary Street Limited to a new company, owned by The Conran Family.
Housed within a converted Victorian warehouse, the Boundary Project consists of a small boutique hotel with 17 individually designed bedrooms, three restaurants, two bars and a grocery, bakery and deli.
Boundary was formerly owned and operated by Prescott and Conran Limited, which was founded by Peter Prescott and Sir Terence and Lady Conran in 2006. Prescott and Conran Limited was a joint venture created to focus on a smaller and more personal collection of restaurants, cafes, bars and a hotel. It recently went in to administration and has closed three of its London restaurants.
Boundary chairman Edmund Conran said: “This is good news for the employees and customers of the landmark Boundary. The business is based on our family values of excellence in both quality and service, which our customer base has come to know and expect. I am excited about the opportunities which lie ahead in what is a positive move for the business as it looks to the future.”
Sir Terence Conran said: “I am very happy that we have secured the future of The Boundary. I am also exceptionally proud that my son, Edmund, will be driving the business forward as Chairman of the new venture. He is an astute, innovative restaurateur and businessman who has made a terrific success of his own restaurant in Soho. I look forward to seeing him lead our activities in this splendid Victorian building for many years to come.”
Over the past few months Prescott and Conran Limited has been undertaking an operational review looking into trading to enhance profitability or exit underperforming businesses within the Group, and as part of that process some existing outlets have already been closed as part of a restructuring process.