BusinessBusiness RecoveryFrench brasserie chain loses its flavour

French brasserie chain loses its flavour

Celebrity chef Raymond Blanc is attempting to retain his 50% stake in brasserie chain Le Petit Blanc as administrators at Kroll try to sell the company as a going concern.

Link: Chefs offered immunity in tax swoop

Le Petit Blanc’s holding company, which is owned 50% by Orient Express Hotels, called in the administrators at Kroll at the beginning of the month and Alistair Beveridge and Lee Manning were appointed to the job.

Blanc would like to keep his share of the business but the outcome is not guaranteed. His position is like that of any shareholder whose company is in administration.

The administrators have the right to sell all the assets of the business except for the intellectual property, which in this case would be the name. Blanc is expected to meet with investors over the next few weeks, saying the restaurants, which turned over £6.7m last year, still have huge potential. Alistair Beveridge said the company went into administration because of the weak economy.

‘Discretionary spending has dropped and trading has been down. Times are uncertain,’ he said.

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