Cote Restaurants bought out of administration by Partners Group
Cote Restaurants has been bought by investment management firm Partners Group after the struggling casual dining chain fell into administration.
Administrator FTI Consulting said the deal had saved 94 of the firm’s 98 French-style restaurants, with all 3,148 employees working under the Cote brand transferred to the new owners.
However its Limeyard and Jackson & Rye brands were not included in the deal, resulting in the closure of three sites and 56 redundancies.
Cote Restaurants, which launched its first venue in 2007, said business had been trading well ahead of the UK coronavirus lockdown in March, reporting record sales for the previous financial year.
The closure of all its sites during the lockdown had a “huge impact” on the business. FTI Consulting said the lockdown had caused liquidity problems for the restaurant chain.
However the company said it has “adapted well to this new environment” and has appointed former Wagamama chief executive Jane Holbrook to join the board as chair.
Partners Group managing director Christian Ebert said: “We see a strong brand with a good following, great quality food and a differentiated operating setup.
“While the mandatory closure of all Cote’s restaurants due to COVID-19 resulted in a significant loss of revenue and earnings, the brand remains as well-regarded as ever and uniquely positioned in the UK restaurant scene.”
Alex Scrimgeour, chief executive of Cote Restaurants, added: “Cote is a well-established business that traded strongly before the crisis and moved quickly to serve loyal customers at home during lockdown.
“New safety protocols enabled Cote to welcome back guests into the restaurants. The entire Cote team is excited to continue its success story with the strong backing of Partners Group.”