Bistrot Pierre: Jobs lost and restaurants closed as chain rescued
Almost 160 jobs have been lost and a number of restaurants are to close after Bistrot Pierre was sold out of administration to a private equity firm.
A vehicle owned by Cherry Equity Partners has snapped up part of the Nottingham-headquartered chain in a deal which has saved 394 roles and ten sites.
However, eight restaurants are set to close resulting in 158 redundancies.
Bistrot Pierre had previously been backed by private equity firm Livingbridge.
The latest collapse comes after more than 600 jobs and 19 restaurants were saved after the restaurant chain was rescued in another pre-pack administration in July 2020.
A total of 682 jobs were saved as a result of the buyout, with 123 roles made redundant.
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Nick White, CEO of Bistrot Pierre, said: “We are delighted to have secured the future of the business and, with the backing of Cherry Equity Partners, now have a strong platform in place for future growth.
“At the same time, we are tremendously sad to see eight of our sites close. The impending increases in National Minimum Wage and National Insurance contributions will add hundreds of thousands of pounds to our costs, making our smaller locations simply unviable.
“We’d like to express our sincere thanks to our teams that have worked so hard to serve the fantastic customers that have visited these locations over the years.”
According to its most recent set of accounts, Bistrot Pierre’s turnover fell to £24m in the 12 months ended June 30 2023, down from £28m in the year before.
Its pre-tax loss also more than doubled to £2.5m compared to the £670,000 it lost in the year before.
In a bid to turn around its fortunes the company conducted a “radical review” of its structure, which resulted in 120 jobs being shed, bringing its employee total to 669.
Ed Standring, CEO of Cherry Equity Partners, added: “This investment marks our second acquisition in as many months, and underscores our deep commitment to the UK hospitality sector – an industry we’re incredibly passionate about and one we believe is full of opportunity.
“Bistrot Pierre is a well-loved Bistrot, bar and boutique rooms business with a great heritage, and we’re looking forward to working with Nick and the team to invest and grow the business.”
The transaction was led by Will Wright and Dom Pannozzo at Interpath.
Will Wright, UK CEO of Interpath and joint administrator of Bistrot Pierre 1994 Limited, said: “We’re pleased to have been able to secure this transaction which will ensure this popular brand continues to feature on high streets around the country.
“We wish everyone at Bistrot Pierre and Cherry Equity Partners all the very best as they build on this new platform for growth.”