13 June 2020
Troubled cafe chain, Le Pain Quotidien has been rescued after collapsing into administration, the result being the immediate closure of 11 branches and the UK head office, bringing 200 job losses.
Administrators, Alvarez & Marsal secured the sale of the UK business and 15 sites to BrunchCo, the newly-formed business. 333 staff roles have also been transferred over. The new owner will soon begin discussions with the remaining landlords over the current structure of the leases and the future of the sites.
BrunchCo is a subsidary of BrunchCo 21 SA and will also acquire the chains Belgian and French assets.
20 April 2020
There have been reports that the Belgian owned bakery chain is likely to go into administration with the loss of 500 jobs. They have put the business up for sale with offers to be considered by Wednesday. The company has 26 sites in the UK.
Alvarez & Marsal, the professional services firm, is understood to be running the auction and is likely to be appointed as administrator unless a solvent sale is concluded.
The chain is run by an ex-executive from Patisserie Valerie.
Category: What is administration