Fri, 12 Jun 2020 | ADMINISTRATION
The British arm of Belgian bakery chain Le Pain Quotidien has been sold in a deal which will see 10 of its 26 UK locations close. Under the deal, the UK business will be acquired by a subsidiary of BrunchCo21 SA, a newco thought to be linked to Cobepa, a Belgian-based investment firm that is Le Pain Quotidien’s existing backer.
The deal has been structured as a pre-pack administration and will be overseen by professional services firm Alvarez & Marshall. It will involve the closure of the business’ UK head office along with the 10 locations, with job losses likely to number close to 200.
It is reported that the chain plans to undertake talks with landlords over the lease arrangements on its 16 remaining sites over the next few weeks. BrunchCo21 is expected to invest capital in the UK business once the takeover deal has completed. It is also in the process of acquiring Le Pain Quotidien’s French and Belgian operations.
In its most recent accounts, to the year ended December 31 2018, Le Pain Quotidien’s UK business registered turnover of around £37.9 million, down from £39.5 million in 2017, and gross profit of £5.2 million, down from £6.3 million the year prior.
At the time of filing, its fixed assets were valued at £11.3 million, its current assets at £3.5 million and its total assets less liabilities stood at £9.2 million, down from £12.5 million the year before.
View the latest distressed UK businesses here.
The business benefits from its location on the edge of a new food court with a complete building refit including a newly fitted restaurant, fixtures, fittings and equipment costing an estimate of around £400,000! There is a state-of-the-art kitchen a...
LEASEHOLD
Supplies food servery counters and restaurant and catering equipment for clients throughout the UK. Prides itself on providing a professional, flexible and cost-efficient service at every stage of the process, from initial project design through to c...
LEASEHOLD
This is a unique opportunity to acquire a highly popular pub and restaurant, which has an ideal location in Northamptonshire.
LEASEHOLD
|
16
|
|
May
|
Manx Financial Group to acquire Payment Assist in potential £9m deal | BUSINESS SALE
Manx Financial Group Plc has announced the acquisition of Pa...
|
13
|
|
May
|
Assets set to be sold as modular housing joint venture enters administration | ADMINISTRATION
The US House Group modular housing joint venture has fallen ...
|
12
|
|
May
|
Bathroom panel firm acquired for up to 9.1x EBITDA | BUSINESS SALE
Bathroom and kitchen products firm Norcros has agreed a deal...
Sign up to receive our acquisition alert emails to get your FREE guide
|
12
|
|
Nov
|
LK Bennett poised to launch CVA | BUSINESS NEWS
Premium womenswear retailer LK Bennett has launched a propos...
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