Le Bistrot Pierre has agreed a multi-million pound development capital financing deal that will see the French restaurant group double the number of outlets over the next four years.
The privately-owned group, which opened its first restaurant in Nottingham almost 20 years ago, is currently in 10 locations including Derby, Harrogate and Leicester.
New sites have already been secured in Birmingham, Cardiff and Torquay with other suitable venues being sought in Leeds, Manchester, Newcastle, Milton Keynes, Bristol and Taunton.
Having performed strongly even through the downturn, the group decided to pursue its expansion plans more aggressively and called in corporate finance specialists Cooper Parry to advise on raising the finance needed.
John Bryant, partner at Cooper Parry who led the deal said: “Le Bistrot Pierre has great brand recognition and has carved out its niche in the premium casual dining sector of the eating out market. Having enjoyed steady growth in the past, this major financing deal will be integral to its planned future success. We are delighted to have been involved in a deal which will allow the management team to roll out the Le Bistrot Pierre brand across the UK.”
John Whitehead, who founded the business along with Robert Beacham, said: “It has long been part of our plan to grow and expand Le Bistrot Pierre and appeal to a national market. Doubling our sites is a big step forward and we are all very excited about the coming years ahead.”
The last Le Bistrot Pierre restaurant to open was in Plymouth earlier this year. The chain’s 11th site will open in Cardiff in November.