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KPMG has revealed it has led the administration of restaurant group Le Bistrot Pierre.
The firm confirmed that restructuring practice members, Will Wright and Steve Absolom, were appointed joint administrators of the French-style restaurant chain.
Following their appointment, the business and certain assets were “immediately” sold to Bistrot Pierre 1994 Limited.
The sale will ensure that 19 Bistrot Pierre sites will continue trading, preserving the jobs of 682 employees.
Six sites will permanently close, however, resulting in a total of 123 redundancies.
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.”
He added: “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.”
