Cote discontinues Jackson & Rye and Limeyard brands
The group, which is owned by private equity firm BC Partners, says the remaining sites will continue trading but it will not expand either concept any further.
Writing in accounts for Cote’s parent company Taste Midco 1 Ltd for the year to 29 July 2018, director Strahan Wilson blamed the decision on “challenging market conditions”.
Cote saw revenue rise 4% during the period, but EBITDA dropped from £19.6m to 17.9m
He wrote: “With the outlook for the sector as uncertain as it is, the directors have nonetheless undertaken a whole portfolio site review which has led to the conclusion that the timing is not right to expand beyond the core Cote brand. Consequently, the Jackson & Rye and Limeyard businesses have been discontinued.”
New York-inspired Jackson & Rye and all-day-American diner Limeyard were both founded in 2014 and sold to Cote in 2016, having been backed by The Ivy's owner Caring.
But neither concept has taken off. Jackson & Rye closed sites in Guildford, Chiswick and Kingston in 2018 and shut its original restaurant in Soho this year.
Limeyard has two sites in Ealing and Staines, the latter of which was opened under Cote in 2016.
Cote is now focusing on its eponymous French-inspired restaurant brand, which has over 90 sites nationwide.
