The British arm of the bakery chain Le Pain Quotidien has been sold in a deal which salvages jobs.
Sky News understands that two months of talks aimed at securing the future of the business have resulted in a transaction that will preserve 16 of Le Pain Quotidien's 26 UK sites. The buyer is understood to be a subsidiary of BrunchCo21 SA, a newly formed company understood to be connected to Cobepa, a Belgian-based investment firm that is the chain's existing backer.Sources said the deal was structured as a pre-pack administration overseen by Alvarez & Marsal, the professional services firm.It is understood to involve the closure of LPQ's UK head office and ten of its restaurants, adding to the grim toll of job losses in the sector.
One source suggested that nearly 200 staff were expected to be made redundant following the pre-pack sale.
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