Thu, 20 Oct 2016 | ADMINISTRATION
Caterer Peyton and Byrne is in administration after losing two big-ticket clients.
French business services company Sodexo will buy the firm’s public catering contracts; its bakery and cafe arm will be managed by the Peyton family itself.
Peyton and Byrne, founded by restaurateur and Great British Menu judge Oliver Peyton and his sister, Siobhan, runs restaurants at some of London’s best-known visitor attractions, including the National Gallery, the Institute of Contemporary Arts, the Imperial War Museum and the Wallace Collection.
But the loss of two client accounts - Kew Gardens and the British Library - has harmed the company. However, it’s understood there will be no redundancies and Sodexo, which didn’t say how much it paid for its side of the business, is expected to keep the brand.
Peyton and Byrne went under after sustaining financial losses for two years. The firm has gone into a ‘pre-pack’ administration, where the sale of all or part of a company is agreed before administration begins.
Sodexo said its acquisition would strengthen its position in the visitor attraction market and boost its presence in London. The company also announced this week that it had bought PSL, which supplies services to the UK’s hospitality sector.
Oliver and Siobhan Peyton will continue to lead the company's public catering contracts. Chris Bray, Sodexo’s chief executive officer for sports and leisure, said: “Sodexo and Peyton and Byrne have shared values that put our clients first and ensure we respond to their needs and the needs of the market.
“Oliver and Siobhan have built a truly aspirational brand in the London visitor attractions market. We are bringing together our resources, talent and expertise to develop an attractive customer experience that will deliver greater value to all our clients.”
Oliver Peyton said the sale was “good news” for the future of the Peyton and Byrne brand.
Visit our businesses in administration hub for in-depth advice on all aspects of distressed businesses.
A rare opportunity to acquire a long established, profitable, BMW After Market Specialist, with an excellent reputation. Trading profitably since 1994. Offering complete automotive performance, engineering and styling solutions. This is a retirement...
Provides an extensive range of coffee machinery, which is imported from Italy and Spain, and coffee products, which are sourced within the UK. Offers invited.
FREEHOLD
One of the UK's leading end-to-end service providers. Comprehensive export handling, packing and storage services, providing specialist cargo and goods management to a wide variety of international operations and private clients. 40+ years of success...
|
24
|
|
Jan
|
Yorkshire engineering firm completes MBO deal | MBO/MBI
A West Yorkshire engineering group has been taken over by th...
|
22
|
|
Jan
|
Jewellery retailer enters administration | ADMINISTRATION
A Nottingham-based jewellery and watches company has fallen ...
|
19
|
|
Jan
|
Luxury lodging group enters administration | ADMINISTRATION
An Essex-based company which operates eight luxury lodge par...
Sign up to receive our acquisition alert emails to get your FREE guide
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources