Cafe chain Le Pain Quotidien has entered administration, shutting 9 of its ten shops and slicing 250 jobs.
Brunchco UK, buying and selling as Le Pain Quotidien within the UK, has introduced in Kroll to behave as directors for the enterprise.
While 9 shops are to shut, one will stay open in St Pancras International station in London. It is just not owned by Brunchco UK, however relatively a sister firm, SPQ Holdings Limited.
The overwhelming majority of closures are in central London.
The branches set to shut are in:
• Parsons Green
• Monument
• Royal Festival Hall, Southbank
• South Kensington
• Covent Garden
• Mayfair
• Hyde Park
• Marylebone High Street
• Oxford
Kroll has stated the 250 workers have been made redundant.
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Other choices, as an alternative of ceasing buying and selling, had been examined by the corporate. It explored coming into an organization voluntary settlement, which might have allowed collectors to be paid over a set interval.
Also thought of was a sale of the enterprise and belongings. While there have been provides obtained, Kroll stated none had been able to being carried out.
The espresso and brunch spot had confronted monetary stress attributable to the price of dwelling disaster and falling footfall within the metropolis, the administrator stated.
“Pressures on parts of the hospitality and casual dining sector have been well highlighted,” stated Kroll’s world co-head of restructuring, Sarah Rayment.
“Brunchco UK Limited which is predominantly located in London has suffered from reduced revenues as a result of decreased footfall in the Capital, high rents and increased wage costs.”
The UK Le Pain Quotidien enterprise, the title of which suggests ‘the day by day bread’ in French, had been purchased within the early months of the pandemic.
Prior to COVID-19 there have been 26 UK websites, owned by a Belgian firm.
Le Pain Quotidien’s worldwide operations, in additional than a dozen international locations the world over, are unaffected.
Source: information.sky.com”