The personal fairness agency which took management of Cote, the French restaurant chain, on the peak 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 traders in Cote.
Cote was purchased out of administration by Companions Group within the autumn of 2020 in a deal reportedly price £55m.
Sources near the sale course of stated that Interpath was advertising the corporate based mostly on final yr’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 stated to be worthwhile, implying there could possibly 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 developments and the state of affairs does not enhance — and clearly Rachel Reeves’s statements are giving a sign to customers that it isn’t going to get higher any time quickly – then I might see this accelerating,” stated Kate Nicholls, chair of UK Hospitality.
“Until there’s a change of tack by the federal government, we’re taking a look at 150,000-200,000 fewer employees in hospitality through the first full yr of [employer national insurance contribution] adjustments.”
Companions Group declined to remark, whereas Interpath couldn’t be reached for remark.
