Interpath Advisory takes control of Le Chardon d’Or
Joint administrators Blair Nimmo and Alistair McAlinden from Interpath Advisory have taken over the reins of Le Chardon d’Or Limited, a Glasgow fine dining establishment, after it ceased trading last week.
The company’s restaurant, Brian Maule at Chardon d’Or on West Regent Street, is known for its culinary expertise under the helm of chef Brian Maule, and has a capacity of 80 covers, supplemented by a private dining and function space on the lower ground floor.
However, echoing the struggle of the wider hospitality sector, Chardon d’Or has been severely hit by an amalgamation of economic pressures. The restaurant has wrestled with escalating food and energy costs, withdrawal of business rates relief, dwindling city centre footfall and diminished consumer confidence as a result of the cost-of-living crisis, all of which have significantly strained its cash flow and overall trading performance.
The final restaurant service was held on 22 July, following which the directors ceased trading and sought the appointment of joint administrators. Due to the grim prospect of trade resumption, all 21 employees were unfortunately made 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.”
Mr 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.”