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!
Specialises in the provision of a range of premium pastries, hot and cold snacks, speciality cakes and freshly baked breads for major supermarkets and local businesses across the North East.
LEASEHOLD
Well-established business operating for over 83 years. All meat is sourced from local farms around the North West.
LEASEHOLD
Currently operating as a profitable Indian Restaurant on a prime location in the heart of Brick Lane in East London. Located in the centre of the largest footfall in the area.
LEASEHOLD
|
09
|
|
Apr
|
Topshop flagship store up for sale | COMMERCIAL PROPERTY
Topshop's flagship Oxford Street store in London is dra...
|
09
|
|
Apr
|
Gestamp’s former Washington warehouse hits the market in £6.5m auction | COMMERCIAL PROPERTY
The former Washington base of international car parts manufa...
|
08
|
|
Apr
|
Decorating contractor targets acquisitions after MBO | MBO/MBI
Scottish commercial decorating contractor Bell Group has com...
Sign up to receive our acquisition alert emails to get your FREE guide
|
10
|
|
Mar
|
£32m turnover Angus Steakhouse appeals to landlords with administration looming | ADMINISTRATION
London’s popular Angus Steakhouse chain has appealed t...
|
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...
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