Another restaurant chain is nibbling at the dust. Cote Brasserie has confirmed it is considering options for Jackson & Rye and Limeyard sites, two brands that the French brasserie chain acquired in 2016. Limeyard is described as an “All Day California Kitchen”, while Jackson & Rye is a New York-influenced brasserie, bar and grill concept.
While the problems seem not to afflict their flagship portfolio, the four and two restaurants under Jackson & Rye and Limeyard respectively are being considered for exit strategies. Unlike Jamie’s Italian and Byron, a CVA (Company Voluntary Agreement) is unlikely to appeal to landlords owing to Cote’s relatively strong performance in the sector overall: a CVA is an admission that the future of a company is in serious jeopardy, which is not the case for Cote as a restaurant chain at large.
As such, other exit strategies are on the table, which could include bringing struggling sites under the Cote-branded umbrella or selling the restaurants in question to interested parties. There are 27 Cote sites in London, none of which are reportedly under threat, suggesting that the chain is experiencing better fortunes than its contemporaries: Byron recently closed 16 restaurants with little fanfare, while Jamie’s Italian closed 12 in January 2018 and is on the cusp of losing both of its Barbecoa sites.
In a statement, Cote said: “As a result of recent and well-documented headwinds for the restaurant sector, we have taken the decision to explore a range of options for a very small number of Jackson & Rye and Limeyard restaurants.” A very small number it might be, but with a total portfolio of six under the two brands, it doesn’t take much.