Côte acquired by Partners Group

By James McAllister

- Last updated on GMT

Côte Restaurants acquired by Partners Group

Related tags: Cote, Restaurant, Brasserie, Coronavirus

French brasserie brand Côte Restaurants has been acquired by global private markets investment manager Partners Group.

Partners Group says it is 'excited' by the potential of Côte, and has 'ambitious plans' for the business.

The restaurants operating under the Limeyard and Jackson & Rye brands were not included in the transaction, resulting in the closure of three sites and 56 redundancies.

Former Wagamama CEO Jane Holbrook will join the board as chair.

“We see a strong brand with a good following, great quality food and a differentiated operating setup," says Christian Ebert, managing director at Partners Group.

"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.”

Côte was trading well prior to lockdown, with record sales and strong EBITDA growth in the last financial year.

Following the impact of the Coronavirus crisis, Côte appointed advisers to explore ways to create a stronger financial structure.

“Côte is a well-established business that traded strongly before the crisis and moved quickly to serve loyal customers at home during lockdown," says Alex Scrimgeour, CEO of Côte Restaurants.

"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.”

Côte currently operates more than 90 restaurants across the UK.

“Alex and his team have built a great business and a much loved brand," adds Holbrook.

"I'm really delighted to be joining it as we undertake the next phase of development and growth.”

Related topics: Business

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