Chez Gérard makes its escape from St Quentin

Groupe Chez Gérard has sold its 73-seat Brasserie St Quentin in London's Knightsbridge for £330,000.

The property had been valued at £464,000. It has been sold to an independent restaurant operator which does not wish to be named.

Chief executive David Williams said that the brasserie had been sold in order to allow the group to concentrate on its Livebait and Chez Gérard branded chains.

Last month Chez Gérard said that, since its annual general meeting in November 2001, it had been assessing the performance of sites that were not meeting management's expectations. As a result, it sold its Chelsea branch of upmarket fish-and-chip restaurant Livebait at £500,000 less than its book value.

Groupe Chez Gérard publishes its interim results next month.