A BELOVED restaurant chain has announced it will close eight venues across the UK, scrapping 158 jobs in the process.

Owners are pointing the finger at Labour’s tax rises that came about in the Autumn budget, spiking hospitality costs.

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The popular French restaurant Bistrot Pierre was forced to close eight sites after the business was sold to an investment firm.

Cherry Equity Partners bought the chain, saving 10 venues but axing eight.

Bistrot Pierre CEO Nick White has shared that he is “tremendously sad” to be closing eight of the smaller sites.

He blamed the surge of running costs on the increase of the National Minimum Wage and National Insurance amendments, which were both affected by Rachel Reeves‘ budget.

Nick said: “We are delighted to have secured the future of the business and, with the backing of Cherry Equity Partners, we now have a strong platform in place for future growth.

“At the same time, we are tremendously sad to see eight of our sites close.

“The impending increases in National Minimum Wage and National Insurance contributions will add hundreds of thousands of pounds to our costs, making our smaller locations simply unviable.

“We’d like to express our sincere thanks to our teams that have worked so hard to serve the fantastic customers that have visited these locations over the years.”

The popular restaurant serves a range of French delicacies including Boeuf Bourguignon, Chicken Normandy, and Duck a l’Orange

Pierre Bistrot also offers swanky hotel rooms connected to its restaurants for their guests to after a glass au vin.

Today two of the closures were announced on the French-themed chain’s Instagram.

The announcement read: “It is with great sadness that we announce the permanent closure of Perre’s Mere Green and Newport with immediate effect.

“The Bistrot Pierre Brand is now under new ownership and will continue to operate in 10 locations.

“We would like to take this opportunity to thank you for your support over the years.”

Other pictures on the restaurant’s social media page show petite pancakes piled up with jams and cream and and an oven full of freshly baked croissants.

Mothers Day and Easter Sunday deals are also cropping up on the website if you’re keen to bag a bargain.

The restaurant was first opened by school friends Rob Beacham and Rob Whitehead in 1994 and was originally named Pierre Victoire.

It was rebranded and Pierre Bistrot and celebrated its 30th birthday last year.

Now it has been bought by Cherry Equity Partners, there are hopes it will continue to thrive.

Ed Standring, CEO of Cherry Equity Partners, said: “This investment marks our second acquisition in as many months, and underscores our deep commitment to the UK hospitality sector – an industry we’re incredibly passionate about and one we believe is full of opportunity.

“Bistrot Pierre is a well-loved Bistrot, bar and boutique rooms business with a great heritage, and we’re looking forward to working with Nick and the team to invest and grow the business.”

WHY ARE RESTAURANTS CLOSING?

The hospitality industry is facing mounting pressures, including soaring bills, rising costs, and squeezed budgets.

More closures could be on the horizon due to upcoming hikes in employer National Insurance Contributions (NICs) and the national minimum wage.

Many food and drink businesses have faced significant challenges recently, as the rising cost of living has led to a decline in dining out.

After struggling to recover from the impact of the pandemic, many establishments were then hit with soaring energy bills and mounting inflationary pressures.

This has forced several well-known chains to shut locations, with big brands like Wetherspoons and Frankie & Benny’s among those affected.