KPMG serves up pre-pack to French dining chain
28 Jul 2020
Will Wright and Steve Absolom, partners from KPMG UK’s restructuring practice, have been appointed joint administrators of Le Bistrot Pierre Ltd, and have arranged a pre-pack of the restaurant chain, saving over 600 jobs
28 Jul 2020
The company, based in Nottingham, has 25 French-style restaurants throughout the UK, focused mainly in more rural towns.
Immediately following their appointment, the joint administrators concluded a sale of the business and certain assets to a connected party, Bistrot Pierre 1994 Ltd. The deal preserves the jobs of 682 employees at 19 Bistrot Pierre restaurants which will continue to trade.
Six sites fall outside the scope of the sale, in Bath, Cardiff, Harrogate, Leicester, Middlesbrough, and Sheffield. These are set to close with the loss of 123 jobs.
Will Wright, joint administrator and partner at KPMG, 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.’