CAO Street bakery chain Le Pain Quotidien has closed all but one of its stores – is yours affected?
The bakery has closed nine out of ten UK bakeries, resulting in the loss of 250 jobs after falling to the authorities.
The Belgian coffee chain is known for its menu of fresh breads and pastries, as well as its lunch and dinner menus serving classic salads and soups.
It currently has only one location left open in St Pancras.
The St Pancras bakery is owned by sister company SPQ Holdings Limited so fortunately, was not affected by the closure.
But nine other stores in the following locations are now permanently closed:
- Westgate Centre, Oxford
- Marylebone Avenue, London
- Hyde Park, London
- Mayfair, London
- Covent Gardens, London
- South Kensington, London
- Royal Festival Hall, London
- Monument, London
- Green Parsons, London
A note for customers was posted outside one of the chain’s closed locations, City AM first report.
It said: “The business and assets of Bruncho UK Limited (trading as Le Pain Quotidien) are being managed by the General Administrator, Sarah Rayment and Philip Dakin of Kroll Advisory.”
A spokesman for the bakery chain said: “We have tried everything possible to save the business but have not been able to save it.
“As a result, trading has ceased and, unfortunately, all employees have been laid off.”
The chain says its flagship St Pancras store will continue to be its “anchor”.
But all is not lost as the bakery chain is in talks with potential partners in the UK for new franchises in cities, tourist attractions and hotels.
Management is when all control of a company is transferred to a designated insolvency practitioner.
It doesn’t necessarily mean the end of the business.
Instead, administrators will try to help a company find a way to pay off debt or solve cash flow problems.
Administration can last from a few weeks to a year or more.
But if management is unable to rescue the company or find a new owner, this often leads to liquidation.
Liquidation is the process of selling all assets and then dissolving the company completely.
Sarah Rayment, co-head of global restructuring at Kroll: “The pressure on parts of the hotel and casual dining sectors has been evident.
“Brunchco UK Limited, headquartered in London, has experienced a drop in revenue due to reduced visitor arrivals to the capital, high rents and rising wage costs.
“As part of the next steps of insolvency, we will seek to realize value from the company’s rental interests and other assets.”
The US branch of Le Pain Quotidien filed for Chapter 11 bankruptcy in 2020 – closing all 98 US stores.
But some stores have reopened in New York City.
The news comes just days after Cooplands closed nine of its bakeries without notice as part of an “in-depth” review of the business.
Scarborough-based bakery is the largest family-owned bakery chain in the UK and the second largest chain of bakeries after Greggs.
Cooplands has over 160 bakeries and 12 cafes across Yorkshire, Lincolnshire, Nottinghamshire and the North East.
The famous chain was forced to close nine locations including Scarborough, Berwick Hills, Skelton and Great Ayton in North Yorkshire.