Partners Group paid £56.5m for Côte Restaurants in a pre-pack sale, an administrators’ reports reveals.

The French brasserie brand was snapped up by the global private markets investment manager in September 2020 after Covid-19 led to a 30% decline in year-on-year revenue.

Purchasers NewCo, a subsidiary of Partners Group, committed to directly settling £3m in unsecured claims in Cote Restaurants Ltd., with the vast majority already settled.

To date, 24 lease reassignments have been completed, with 18 more at heads of terms. Four sites have been surrendered.

Restaurants operating under the Limeyard and Jackson & Rye brands were closed as part of the deal.

Administrators FTI Consulting are progressing a claim under the restaurant group’s business interruption insurance, which they believe has “good prospects of success”, though is capped at £1m.

Law firm Gerald Eve, which was instructed to recover historic business rates overpayments, has made recoveries of £30,000, and estimates further realisations of up to £250,000 could be made.

FTI charged £1.58m in fees, which it said was a “reasonable a fair reflection” of the work it carried out.

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