Le Pain Quotidien closes all but one site after falling into administration
The chain, which had operated from eight sites across the capital, has reportedly closed all of its sites except one in St Pancras
Le Pain Quotidien has closed all but one of its sites across London after the bakery chain collapsed into administration, in a move that has seen the loss of 250 jobs.
The chain, which had operated from eight sites across the capital, has closed all of its sites except one in St Pancras, which is owned by its sister company SPQ Holdings Limited.
According to administrator Kroll, the collapse comes as Le Pain Quotidien’s operator, Brunchco UK Limited, was impacted by reduced revenues amid lower footfall across London, as well as rising costs.
Joint administrators Sarah Rayment and Phil Dakin said the company had explored several options to enable it to continue as a going concern, including considering a CVA and launching a sale process. However, whilst offers were received, none were capable of being transacted and as a result, all trading ceased on 29 June 2023.
Sarah Rayment, global co-head restructuring at Kroll, said: “Pressures on parts of the hospitality and casual dining sector have been well highlighted. Brunchco UK Limited which is predominantly located in London has suffered from reduced revenues as a result of decreased footfall in the Capital, high rents and increased wage costs.
“As part of the next steps of the insolvency, we will be looking to realise value from the company’s leasehold interests and other assets.”
