Côte Restaurants today announces that Partners Group, the global private markets investment manager, has acquired the business.
Since its first restaurant opened in 2007, Côte Restaurants has delighted guests with its modern take on French all-day dining. Prior to lockdown the business was trading well with record sales and strong EBITDA growth in the last financial year.
The business has recently successfully launched Côte at Home, its online shop delivering easy to cook dishes, fresh meat and wine.
Unfortunately, the coronavirus crisis has had a huge impact on Côte and the wider hospitality sector.
Côte has adapted well to this new environment and in order to protect the business for the long term, it appointed advisers to help create a stronger financial structure.
Following this process, the Côte business was acquired by Partners Group on 28 September 2020.
Partners Group are excited by the potential of Côte and have ambitious plans for the business. To support this development, former Wagamama CEO Jane Holbrook is joining the board as Chair. Jane is an industry veteran who most recently led the award-winning team that grew and developed Wagamama to become a leading player in the hospitality sector.
Alex Scrimgeour, CEO of Côte Restaurants, said: “Côte is a well-established business that traded strongly before the crisis and moved quickly to serve loyal customers at home during lockdown.
“New safety protocols enabled Côte to welcome back guests into the restaurants. The entire Côte team is excited to continue its success story with the strong backing of Partners Group.”
Christian Ebert, Managing Director, Partners Group, added: “We see a strong brand with a good following, great quality food and a differentiated operating setup. While the mandatory closure of all Côte’s restaurants due to COVID-19 resulted in a significant loss of revenue and earnings, the brand remains as well-regarded as ever and uniquely positioned in the UK restaurant scene.
“We are excited to onboard the Côte business to the Partners Group platform and welcome more than 3,000 Côte employees. The Partners Group resources and entrepreneurial governance approach will allow Côte to emerge from the pandemic even stronger.”
Jane Holbrook, Chair of the Board, said: “Alex and his team have built a great business and a much loved brand. I’m really delighted to be joining it as we undertake the next phase of development and growth. Exciting times ahead!”
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Hospitality & Catering News: Côte Restaurants announces acquisition – 28 September 2020 – Côte Restaurants announces acquisition