Patisserie Valerie 'bought out of administration' (updated)

By Stefan Chomka contact

- Last updated on GMT

Patisserie Valerie bakery chain bought out of administartion
Trouble-hit bakery chain Patisserie Valerie has been bought out of administration by Irish private equity firm Causeway Capital Partners, according to media reports.

The Telegraph​ has reported that 96 of Patisserie Valerie’s 121 remaining cafes are to be saved - preserving most of the company’s 2,000 remaining jobs - as a result of the deal. Chief executive Steve Francis is also understood to be remaining at the company.

The buyout comes just days after Sports Direct owner Mike Ashley pulled out of a bid​ to acquire the bakery group.

Patisserie Valerie has closed 71 loss-making sites, including 27 Patisserie Valerie cafes, one of which was its iconic Soho site, with the loss of 920 jobs. This followed the discovery of ‘very significant manipulation of the balance sheet and profit and loss accounts’ earlier this year that led to the company going into administration.

The holding company Patisserie Holdings also owns the Philpotts and Baker & Spice brands, which are not believed to not be part of the deal and are still for sale, according to the FT.

In an update, retail, wholesale and distribution company A.F Blakemore has acquired 21 Philpotts stores. Collectively the two chains have sold for £13m.

Last month Francis described Patisserie Valerie’s fall in to administration as “bittersweet”, saying it was “business as usual”​ for the brand and that the company was now “smaller and more profitable”.

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