Fri, 12 Jun 2020 | ADMINISTRATION
The British arm of Belgian bakery chain Le Pain Quotidien has been sold in a deal which will see 10 of its 26 UK locations close. Under the deal, the UK business will be acquired by a subsidiary of BrunchCo21 SA, a newco thought to be linked to Cobepa, a Belgian-based investment firm that is Le Pain Quotidien’s existing backer.
The deal has been structured as a pre-pack administration and will be overseen by professional services firm Alvarez & Marshall. It will involve the closure of the business’ UK head office along with the 10 locations, with job losses likely to number close to 200.
It is reported that the chain plans to undertake talks with landlords over the lease arrangements on its 16 remaining sites over the next few weeks. BrunchCo21 is expected to invest capital in the UK business once the takeover deal has completed. It is also in the process of acquiring Le Pain Quotidien’s French and Belgian operations.
In its most recent accounts, to the year ended December 31 2018, Le Pain Quotidien’s UK business registered turnover of around £37.9 million, down from £39.5 million in 2017, and gross profit of £5.2 million, down from £6.3 million the year prior.
At the time of filing, its fixed assets were valued at £11.3 million, its current assets at £3.5 million and its total assets less liabilities stood at £9.2 million, down from £12.5 million the year before.
View the latest distressed UK businesses here.
On the market for the first time in 35 years. During clients ownership they have developed and maintained an extremely popular and highly recognised food led destination establishment that benefits from significant seasonal trade, due to its close pr...
FREEHOLD
A very well presented pub with the advantage of having nine letting rooms and it is much larger than you first think; the original pub having been sympathetically extended into several cottages and having a large extension added too.
FREEHOLD
This is a pleasant eatery located in a high-traffic trading position, in the centre of the village and close to the lake.
FREEHOLD
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.