The 98-cover venue opened in London’s Fitzrovia in September 2015 and was named the UK’s seventh best restaurant at this year’s National Restaurant Awards.
It received rave reviews with The Observer’s Jay Rayner calling it ‘terrific’ and Fay Maschler awarding it four out of five stars in the Evening Standard.
A statement posted on Piquet’s website said: “The Company has ceased to trade, no further orders will be taken and no further deliveries will be made.
“The joint administrators will contact all creditors and employees of the Company by post which will contain the relevant information creditors and employees will require to make a claim in the administration.
“The affairs, business and property of the Company are being managed by the Joint Administrators.”
Speaking to BigHospitality in February Pickett described Blais as 'mentoring' the restaurant.
"The thing I love about him is he's not one to put pressure [on us]...or bash his fist against the table and say you've got to be doing more numbers," he said.
"I'd like to focus on Piquet and make sure we're doing what we do here really well, and then let's see what happens. We know we've got a lot of time to do other things and if those opportunities arose then we'd look at them...I think you have to take it day by day."
BigHospitality was unable to reach anyone at Piquet for further comment.