Concerned franchisees build up a bid for Pierre Victoire

PIERRE Victoire franchisees are seeking legal advice over the possibility of buying the company themselves.

A group of more than 20 franchisees met on Sunday and it is understood that a number are interested in taking control of the company, which went into receivership last week.

The receivers have not disclosed the value of the company, but industry estimates put it at around £5m.

Some franchisees are concerned that a new owner could alter contract agreements so that turnover paid to the parent company is increased beyond the current 5%.

Max Khorramfhahi, franchisee at the New Oxford Street Pierre Victoire in London, said: "We are in a very vulnerable position.

"Most of the franchises are family-run businesses and work very hard. It is not clear what will happen with new owners."

l Full story, page 18.