Nottingham-headquartered French restaurant chain, Bistrot Pierre, has been sold after entering administration.
Will Wright and Steve Absolom from KPMG UK’s restructuring practice were appointed joint administrators of Le Bistrot Pierre Limited on 14 July 2020.
Immediately following their appointment, the joint administrators concluded a sale of the business and certain assets to a connected party, Bistrot Pierre 1994 Limited.
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 and will subsequently close. The administrators have confirmed a total of 123 redundancies.
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.”
Sites that will continue to trade:
- Leamington Spa
- Mere Green
- Mumbles, Swansea
- Stockton Heath
Sites that will close: