The Bistrot Pierre restaurant chain has been brought out of administration in a pre-pack administration that will allow the majority of its sites to continue trading.
KPMG was appointed as administrators for the Nottingham-based outfit this week and immediately concluded a sale of the business and certain assets to a connected party, Bistrot Pierre 1994 Limited.
The deal preserves the jobs of 682 employees at 19 restaurants which will continue to trade.
Six restaurants – in Bath, Cardiff, Harrogate, Leicester, Middlesbrough and Sheffield – fall outside the scope of the sale and will subsequently close, with the loss of 123 jobs.
Will Wright, joint administrator and partner at KPMG, said: “Covid-19 and the prolonged lockdown period has presented large swathes of the casual dining sector with significant funding challenges, and Bistrot Pierre has been far from immune.
“Despite exploring all alternative options, including relief schemes like the Coronavirus Business Interruption Loan, the directors took the difficult decision to file for the appointment of administrators.
“We are pleased to have been able to conclude a transaction which preserves the majority of the business and associated jobs, ensuring the chain’s 25-year presence on local high streets can continue.”