Boulestin, the Mayfair dining spot oft frequented by hedge fund managers and financiers, has fallen into administration.
The French-style restaurant, based on the establishment of the same name which existed in Covent Garden from 1927 to 1994 and was said at the time to be the most expensive restaurant in London, has appointed Griffins as administrators.
Boulestin was suffering under a heavy debt load, relative to its size. According to the last filed accounts for 2016, it owed £188,164 falling due within one year. Meanwhile its unfortunate sole director, restaurateur Joel Kissin, had lent the business a hefty £2.4m in an unsecured loan.
Read more: Restaurant review: Boulestin
The original Boulestin was opened by Xavier Marcel Boulestin, who appeared on the BBC between 1937 and 1939 and is credited with being the first TV chef.
The reimagined Mayfair restaurant, designed to be an homage to Monsieur Boulestin, was opened in 2013 by Kissin – who is also the name behind Bibendum, Quaglinos and Bluebird.
It launched to great critical acclaim at the time, and in the following years was frequented by organisations such as HedgeBrunch, the dining club for hedge fund managers, which was hoping to add the restaurant to its asset management and family office members' perks app.
HedgeBrunch's chief executive, Gus Morison, said Boulestin was a "lovely spot" and "very much on brand for our curated selection of dining spots".
Serving dishes such as grilled octopus and "Jambon Persilée", with main courses generally priced between £20 and £30, Boulestin's location between Green Park and St James's Park made it a desirable destination for both the business people of the district and its wealthy residents.
Yet this was seemingly not enough to save Boulestin. The business is continuing to trade for now, but it is not yet clear whether administrators will sell the haunt as a going concern.