Fri, 25 Nov 2011 | DIVISION SALE
The company behind the Brasserie Gerard and Bertorelli restaurant brands, Paramount Restaurants, is understood to have entered administration.
Industry publication BigHospitality has reported that the group was placed into administration on Wednesday night this week, shortly after the company agreed the sale of its eight Chez Gerard branded restaurants to chef Raymond Blanc's Brasserie Blanc brand.
Administrators have been appointed from Deloitte, who are reported to have been aiding the company with future options since August. The administrators are now looking for sales for the company's remaining properties, which comprise three Bertorelli restaurants, four Livebaits and eighteen Brasserie Gerards.
It is thought that deals are currently being negotiated for a number of the sites, which will carry on trading as normal over the Christmas period.
Since 2009, Paramount has undergone two comprehensive restructuring processes. The first saw it put under the ownership of a consortium of banks, while the second - which happened in January this year, saw the formation of new holding company, Chez Gerard Restaurants Limited.
The chairman of the business, William Rollason, stepped down from his position in July this year and was replaced by non-executive chairman and corporate turnaround specialist, Steve Smith.
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