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Owner of Cote restaurant chain cooks up sale plan
The private equity firm which took control of Cote, the French restaurant chain, at the height of the pandemic is kicking off an auction of the business Sky News has learnt that Partners Group is working with Interpath Advisory on a search for new investors in Cote.
Cote was bought out of administration by Partners Group in the autumn of 2020 in a deal reportedly worth £55m. Sources close to the sale process said that Interpath was marketing the company based on last year's turnover of over £150m.
Read more from Sky News:Trump to hit Canada with 35% tariffUK economy figures not as bad as they look, analysts say The chain trades from more than 70 sites across the UK, down from close to 100 shortly before it collapsed into insolvency five years ago. Roughly 60 of the sites are said to be profitable, implying there could be scope for further closures.
The sale comes at a time when hospitality venue operators continue to face severe financial pressures, with the industry's leading trade body warning of a further jobs bloodbath in the months ahead. "If we carry on with these trends and the situation doesn't improve -- and clearly Rachel Reeves's statements are giving a signal to consumers that it is not going to get better any time soon - then I would see this accelerating," said Kate Nicholls, chair of UK Hospitality.
"Unless there is a change of tack by the government, we are looking at 150,000-200,000 fewer workers in hospitality during the first full year of [employer national insurance contribution] changes." Partners Group declined to comment, while Interpath could not be reached for comment..
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