The vegan restaurant brand operates four London locations in the capital, in Covent Garden, Oxford Circus, Tower Bridge and The 02, operated under license by Middle Eastern F&B group Qoot International.
During Tier 3 the company is operating ‘a fully functioning London-wide take away and delivery service’ with sites due to reopen when permitted.
By Chloe filed for a voluntary financial restructuring designed to position it for future growth and long-term success. The restaurant group has obtained new working capital financing from a consortium of its existing investors that it says will allow it to continue operating and supporting its employees during the process.
Its CEO Jimmy Haber has stepped down with chief of staff Catey Mark Meyers leading the company in the interim.
“The COVID-19 pandemic hit all sectors of the restaurant industry especially hard, including the fast-casual category. In the face of remarkably challenging conditions to operate in, we believe that a complete reorganization of the company is necessary for By Chloe. to emerge and thrive long-term,” says Mark Meyers.
The company, which operate 14 restaurants in the US, says it plans to continue to expand, with plans to grow to three locations in southern California and open its first outpost in the Middle East in 2021.
“The financial restructuring is a positive step forward towards our planned growth goals pre-pandemic, which include expansion in the Los Angeles market and internationally in 2021 and enriched investment in a culinary innovation pipeline,” says Mark Meyers.
Qoot International is leading the financial restructuring of the group along with Kitchen Fund, Lion Capital, and Bain Capital Double Impact.