The French restaurant chain Buffalo Grill has filed a file for the takeover of its competitor Courtepaille, planning to invest 100 million euros and keep 85% of the 3,600 employees, said its boss in Paris.
Read also: In receivership, Courtepaille is looking for a buyer
Buffalo Grill proposes to "preserve 85% of jobs, or a little more than 3,100 employees out of a total of 3,600 including franchisees" , explains Jocelyn Olive, general manager since April 2018, in an interview published Monday evening by the daily on his website. Employees of restaurants not included will be offered a "reclassification" at Buffalo Grill, which has 170 positions to be able, according to its manager. Jocelyn Olive's group plans to take over “92 franchise contracts, 145 restaurants out of 190 operated in branches” . To modernize the brand, he wants to invest "more than 80 million euros over a period of five years to which must be added 20 million in marketing and media expenses, or more than 100 million euros".
"The most credible group"
Restaurateur Courtepaille was placed in receivership on July 29 by the commercial court of Evry-Courcouronnes (Essonne), after a decline in its activity due to the coronavirus and the refusal of a loan guaranteed by the State (PGE) . Claiming to enjoy "the best financial health of the catering market in France" , with "financial debt (which) does not exceed twice our profitability" , the manager assures that Buffalo Grill would be "the most credible group of a financial point of view for this marriage with Courtepaille ” . The offers of potential buyers will be studied by the commercial court until September 14.
