Pre-pack administration of Bistrot Pierre saves 682 jobs
French casual dining group Bistrot Pierre has been bought out of administration in a pre-pack sale that will save 682 jobs.
New entity Bistrot Pierre 1994 Limited, of which the business' chairman John Derkach and chief executive Nick White are directors, has taken forward 19 of the group's 25 sites, which are largely in rural towns.
Six sites will close because of the administration, resulting in 123 redundancies.
Will Wright, head of regional restructuring at KPMG and joint administrator, 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."
The sites that will close are Bath, Cardiff, Harrogate, Leicester, Middlesbrough and Sheffield.
Bistrot Pierre was launched in Nottingham 26 years ago.
Picture: Shutterstock
