The non-public fairness agency which took management of Cote, the French restaurant chain, on the top of the pandemic is kicking off an public sale of the enterprise
Sky Information has learnt that Companions Group is working with Interpath Advisory on a seek for new buyers in Cote.
Cote was purchased out of administration by Companions Group within the autumn of 2020 in a deal reportedly value £55m.
Sources near the sale course of mentioned that Interpath was advertising the corporate primarily based on final 12 months’s turnover of over £150m.
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The chain trades from greater than 70 websites throughout the UK, down from near 100 shortly earlier than it collapsed into insolvency 5 years in the past.
Roughly 60 of the websites are mentioned to be worthwhile, implying there may very well be scope for additional closures.
The sale comes at a time when hospitality venue operators proceed to face extreme monetary pressures, with the trade’s main commerce physique warning of an extra jobs massacre within the months forward.
“If we supply on with these tendencies and the state of affairs does not enhance — and clearly Rachel Reeves’s statements are giving a sign to shoppers that it isn’t going to get higher any time quickly – then I’d see this accelerating,” mentioned Kate Nicholls, chair of UK Hospitality.
“Except there’s a change of tack by the federal government, we’re taking a look at 150,000-200,000 fewer staff in hospitality throughout the first full 12 months of [employer national insurance contribution] adjustments.”
Companions Group declined to remark, whereas Interpath couldn’t be reached for remark.
