Struggling restaurant chain Villandry goes into administration
The company, which was put up for sale earlier this month after posting a £1.6m loss, posted a statement on its website yesterday, naming its administrators.
“Martha Thompson and Sarah Rayment of BDO LLP were appointed joint administrators of Villandry Restaurant Foodstore Limited (‘the Company’) on 9 August 2018,” it says.
“The affairs, business and property of the Company are now being managed by the Joint Administrators.”
The Sunday Times reported last week that advisers at accountancy firm BDO were seeking a new investor for the group, which has been run by former Le Pain Quotidien managing director Philippe Le Roux since 2011.
The company saw the rent on its flagship Great Portland Street site double in 2016, while the rent at its St. James’ café rose by 16%.
Villandry’s estate took a further hit with the 2017 closure of its site at Bicester Village, the designer outlet mall, which accounted for 47% of its turnover.
In the year to 31 March 2017 the company’s pre-tax losses rose from £847,537 to £1.6m, while sales were flat at £10.3m.
Around two restaurants per week have closed over the past year to March, according to CGA’s market report, which predicts the number of sites across the UK will continue to drop throughout 2018.
