Patisserie Holdings sells Baker & Spice for £2.5m

By Sophie Witts contact

- Last updated on GMT

Patisserie Holdings sells Baker & Spice for £2.5m

Related tags: Coffee, Café, Restaurant

Patisserie Holdings has sold the Baker & Spice chain to rival cafe group Department of Coffee & Social Affairs for £2.5m.

The deal includes Baker & Spice's four London sites, but its Oxford location is not included in the transaction and will close with immediate effect. 

It comes after the bulk of the trouble-hit Patisserie Valerie business​ was bought by its management team and Irish private equity firm Causeway Capital Partners yesterday, saving 96 of its remaining 121 sites.

Retail and distribution firm A.F Blakemore & Son also acquired Patisserie Holdings’ 21 Philpott’s stores, with both deals combined worth £13m.

The remaining assets, which were not included in the three separate transactions, will be realised during the administrations.

Baker & Spice was founded in 1995 and acquired by Patisserie Holdings in 2009.

Patisserie Holdings fell in to administration last month following the discovery of a £40m black hole in its accounts.

This led to the closure of 52 Patisserie Valerie cafes and concessions, including its iconic original Soho site on Old Compton Street. 

Related topics: Business & Legislation

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