Blair Nimmo and Alistair McAlinden from Interpath Advisory were appointed joint administrators to Le Chardon d’Or Limited on 27 July 2023.
The Company operates the ‘Brian Maule at Chardon d’Or’ fine dining restaurant on West Regent Street in Glasgow, led by the award-winning chef Brian Maule. The restaurant has 80 covers, as well as a private dining / function offering in the lower ground floor.
Like many other hospitality businesses, in recent times Chardon d’Or had battled hard in the face of relentless economic and trading headwinds. Soaring food and energy costs, the suspension of business rates relief, declining city centre footfall and consumer confidence dented by the cost-of-living crisis had a detrimental impact on cashflow and trading performance.
The Company operated its final restaurant service on Saturday 22 July and subsequently ceased to trade, after which the directors sought the appointment of the joint administrators. With no prospect of trade resuming, it is with regret that the joint administrators have made all 21 employees redundant.
Blair Nimmo, chief executive of Interpath Advisory, said: “These are tough times for the hospitality industry, which was first left reeling by the impact of lockdown measures during the pandemic, and which has since had to contend with hyperinflation and the impact of the cost-of-living crisis on its customer base.”
Alistair McAlinden, head of Interpath Advisory in Scotland, added, “Brian has worked tirelessly to ensure that Chardon d'Or’s market-leading reputation was maintained, even in the face of the most challenging trading and financial conditions in its 22 year history. Our immediate priority will be to provide assistance to employees, including providing them with the information necessary to make claims for redundancy pay from the Redundancy Payments Office.”
Alistair McAlinden continued: “We will also seek to realise the Company’s assets for the benefit of its creditors, which will include bringing the property at West Regent Street to market in due course. Given the unique opportunity to acquire a hospitality premises of this quality, we would strongly encourage interested parties to make early contact with the Joint Administrators.”
