Paramount Restaurants, the operator of the Brasserie Gerard and Bertorelli brands, has been placed into administration, M&C Report understands. It is understood that the 25-strong group was placed into administration last night, around the same time that the company exchanged on the sale of its eight-strong Chez Gerard chain to Brasserie Blanc for a sum believed to be in the region of £9m. Deloitte, which was hired by the company in August to advise it on its future options, is believed to have been appointed as administrators. The sale of the Chez Gerard sites leaves Paramount with 18 Brasserie Gerards, four Livebaits and three Bertorellis. M&C Report understands that deals are progressing on a number of the sites, which will continue to trade up to and over Christmas. Earlier this year, Paramount carried out its second restructuring in two years, which saw its debt reduced from £64m to £25m, after coming to a new agreement with its banking group, Barclays, HSBC and the Royal Bank of Scotland (RBS). The restructure, which included the formation of a new holding company – Chez Gerard Restaurants Limited – came as the group reported a pre-tax loss of £29.24m for the 79 weeks to 2 January 2011, compared to a loss of £9.1m in the 53 weeks to 28 June 2009. In 2009, Paramount – then led by chief executive Mark Phillips – underwent a restructure, which saw it emerge under the ownership of a consortium of banks comprising Barclays, HSBC, RBS and at the time Sankaty. The process saw the management team retain a 15% to 20% stake in the business, and saw its debts reduced from £120m to £64m. In July, chairman William Rollason stepped down as the chairman of the group to be replaced by current non-executive director Steve Smith, a turnaround specialist.