The popular Bistrot Pierre restaurant in Southport has been saved after the company was sold out of administration in a pre-packed deal.
The deal will save 682 jobs, including those people working in the premises on the corner of Lord Street and Nevill Street, in the former Russell & Bromley unit.
Unfortunately, six of the chain’s restaurants will close, resulting in 123 redundancies.
Will Wright and Steve Absolom from KPMG UK’s restructuring practice were appointed joint administrators of Le Bistrot Pierre Ltd yesterday.
The Nottingham-headquartered company had 25 French-style restaurants throughout the UK.
Immediately following their appointment, the joint administrators concluded a sale of the business and certain assets to a connected party, Bistrot Pierre 1994 Ltd.
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.
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“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.”
Bistrot Pierre in Southport reopened their doors today. In a statement on their Facebook page, they said: “Bonjour Southport! We’ve missed You!
“We are back open everyday 11.30am-9.30pm. We Look Forward Serving You Again Soon!”
Bistrot Pierre on Lord Street in Southport
In their financial accounts for the 12 months to 30 June 2019, the company made a turnover of £34.5million and a pre-tax loss of £678,465.
The business was founded by John Whitehead and his school friend Robert Beacham in Nottingham in 1994 and received the backing of mid-market private equity firm, Livingbridge.
The sites which will continue to trade are: Southport, Altrincham, Birmingham, Coventry, Derby, Eastbourne, Ilkley, Kidderminster, Leamington Spa, Mere Green, Mumbles in Swansea, Newport, Nottingham, Plymouth, Preston, Stockton Heath, Stratford-upon-Avon, Torquay and Weston-super-Mare.
The sites which will close are Bath, Cardiff, Harrogate, Leicester, Middlesborough and Sheffield.
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