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Le Pain Quotidien ‘close to collapse'

21 April 2020 by
Le Pain Quotidien ‘close to collapse'

Bakery-restaurant group Le Pain Quotidien is "close to collapse" and attempting to sell its UK operations, reports Sky News.

According to the report, the Belgian-based company has appointed Alvarez & Marsal to oversee a sale process and administrators could be appointed as early as this week.

The group has more than 20 sites in the UK having opened its first 30 years ago, and operates in 21 other countries. The sites are temporarily closed following government advice for hospitality businesses in the UK to close to prevent the spread of coronavirus last month.

Representatives of Alvarez and Marsal declined to comment and Le Pain Quotidien did not respond to requests for comment.

Should it fall into administration, Le Pain Quotidien would join restaurant groups including Carluccio's and Mark Hix's restaurants, which have fallen into administration as challenging trading conditions were further exacerbated by the coronavirus crisis.

Carluccio's falls into administration with 2,000 jobs at risk >>

Mark Hix confirms appointment of administrators but says 'this was not my decision' >>

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