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.
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