Cafe chain Le Pain Quotidien has entered administration, shutting nine of its ten stores and cutting 250 jobs.
Brunchco UK, trading as Le Pain Quotidien in the UK, has brought in Kroll to act as administrators for the business.
The group’s eight cafes in London and its site in Oxford’s Westgate center have ceased operations, resulting in the unfortunate loss of 250 jobs. However, the cafe located at London’s St Pancras International station remains open under the management of its sister company, SPQ Holdings Ltd.
The administration process is being handled by restructuring specialist Kroll.
from Demetris Dionissiou, partner at Axiom Ince Ltd: “Le Pain Quotidien’s recent fall into administration marks a significant turn of events for the renowned bakery and café chain. The company’s financial struggles have culminated in this unfortunate outcome.
Le Pain Quotidien has long been celebrated for its commitment to fresh and wholesome food. However, like many businesses in the hospitality industry, it faced extraordinary challenges in recent times. The COVID-19 pandemic and its subsequent economic impact proved to be an uphill battle for numerous food and beverage establishments.
The fall into administration of Le Pain Quotidien underscores the fragility of the foodservice industry and highlights the lasting effects of the pandemic. It serves as a stark reminder of the numerous businesses that have faced insurmountable financial pressures, grappling to navigate the uncertain terrain of reduced foot traffic, capacity restrictions, and shifting consumer behaviours.
The administration process may offer an opportunity for restructuring and revitalisation, potentially leading to a future where Le Pain Quotidien can regain its former glory. It becomes imperative to support local businesses, recognising the pivotal role they play in our communities.”
