I read yesterday that Le Pain Quotidien one of my fave brands is up for sale and it would appear that it is something of a “distressed” sale. This is sad but unsurprising. This whole sector is a mess, it’s not necessarily the lock down which is the problem but for me, it’s more about the reopening. All the suppliers and landlords who are being patient whilst businesses are in “hibernation” will come out of the woodwork once stores are trading again and they will want to be paid. The worry is that it’s going to take a while for business to return to normal and during this time there will be plenty of businesses which will be burning through what is left of their cash reserves at an alarming rate.