Côte Restaurants has been acquired by new investors under a pre-pack administration.
The result of the restructuring and new owners is the loss of 56 jobs and closure of 3 outlets, which operate under its other brands, Limeyard and Jackson & Rye. The Côte brand itself remains unaffected. 94 restaurants have their future secured as have 3,148 jobs.
Partners Group, a private markets investment manager are the new owners.
Prior to COVID-19 and the lockdown which came with it, Côte said it was trading well and had experienced record sales and strong growth in its last financial year. The crisis pushed it to launch an online shop, Côte at Home where meals, fresh meat and wines are delivered to customers. Its launch was successful.
However, earlier this month advisers from FTI Consulting where appointed to explore options for the company, which included a possible debt-for-equity swap.