Le Pain Quotidien rescued from administration
The deal resulted in 11 closures and 200 redundancies.
The Le Pain Quotidien has been rescued from administration, resulting in 11 closures and 200 job losses.
The cafe chain appointed administrators from insolvency specialists Alvarez & Marsal, citing challenging trading conditions exacerbated by the coronavirus crisis.
The administrators secured the sale of the UK business and 15 sites to newly-formed business BrunchCo, which is a subsidiary of BrunchCo 21 SA, which will also acquire Le Pain Quotidien’s Belgian and French assets.
333 roles have been saved in the deal, with staff being transferred over to BrunchCo, who will be holding talks with the chain’s remaining landlords over the structure of its current leases and the future of its remaining sites.
“Like many operators in the hospitality sector, Le Pain Quotidien has struggled with tough market conditions for a number of years,” Rob Croxen, joint administrator and managing director at Alvarez & Marsal said.
“This acquisition secures the brand’s future in the UK, and we hope to conclude the restructuring process within the next few days. We appreciate the support of Le Pain Quotidien’s employees at this difficult time.”
