Wed, 15 Jul 2020 | BUSINESS SALE
Restaurant chain Bistrot Pierre has been acquired in a pre-pack administration deal which will see six of its locations close. 19 of Bistrot Pierre’s restaurants have been acquired by a new firm, Bistrot Pierre 1994, said to be backed by the chain’s chairman, John Derkach, and chief executive Nick White.
Will Wright and Steve Absolom of KPMG were appointed joint administrators for the company yesterday, immediately concluding the sale of the business and certain assets to the connected new company. While the deal will see 682 jobs preserved, the six site closures will lead to 123 staff being made redundant.
Joint administrator Steve Absolom said: “COVID-19 and the prolonged lockdown period has presented large swathes of the casual dining sector with significant funding challenges, and Bistrot Pierre has been far from immune.”
“Despite exploring all alternative options, including relief schemes like the Coronavirus Business Interruption Loan, the directors took the difficult decision to file for the appointment of administrators.”
“We are pleased to have been able to conclude a transaction which preserves the majority of the business and associated jobs, ensuring the chain’s 25-year presence on local high streets can continue.”
The Nottingham-based company was founded by John Whitehead and Robert Beacham in 1994 and operated 25 French-style bistro restaurants throughout the UK. In its most recent accounts, to the year ending June 30 2019, the company reported turnover of £34.5 million, with pre-tax losses standing at £678,465.
The company’s restaurants have been closed due to the coronavirus pandemic, with staff placed on furlough, but it has begun a staged reopening. Seven locations have reopened so far, with more to open by the end of July and further locations in August. The locations to close are in Bath, Cardiff, Harrogate, Leicester, Middlesbrough and Sheffield.
Find businesses for sale here.
If you are looking for an exit, we can help!
Supplies handcrafted patisserie products to professional kitchens across the UK. The product range includes, but is not limited to, afternoon tea; chocolate, fruit, warm and multi-portion desserts; appetisers and canapés; and cheesecakes. Has 790 cli...
LEASEHOLD
We are pleased to bring to market our client's food wholesale and distribution business. Products provided include meat, chilled, frozen, fruit & veg as well as ambient goods and some lines of non-food catering essentials.
LEASEHOLD
Having been established in October 19 by successful restaurateurs, this quality restaurant provides a great opportunity for new owners to benefit from the excellent fit out, highly desirable location and proven business model. This Italian restaurant...
FREEHOLD
|
22
|
|
Jan
|
630,000 UK businesses in “significant financial distress”, according to report | BUSINESS NEWS
According to the most recent Red Flag Alert research from Be...
|
21
|
|
Jan
|
ProCook considering sale as it undertakes strategic review | BUSINESS NEWS
Kitchenware retailer ProCook is to undertake a strategic rev...
|
20
|
|
Jan
|
Modulaire Group extends UK presence with Carter acquisition | BUSINESS SALE
Modular space leasing business Modulaire Group has announced...
Sign up to receive our acquisition alert emails to get your FREE guide
|
21
|
|
Jan
|
ProCook considering sale as it undertakes strategic review | BUSINESS NEWS
Kitchenware retailer ProCook is to undertake a strategic rev...
|
09
|
|
Dec
|
Administrators seek buyer for garden machinery firm | ADMINISTRATION
Shropshire-based garden machinery company Oakley’s has...
|
19
|
|
Oct
|
Ford tuner Mountune saved in acquisition by founder | BUSINESS SALE
Essex-based Mountune, a firm specialising in tuning packages...
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