«Breaking News» Scandal-hit cake chain Patisserie Valerie rescued in eleventh-hour bid by Irish private equity firm

Collapsed cake chain Patisserie Valerie has been rescued out of administration after an Irish private equity firm swept in with an eleventh-hour bid. 

The firm, Causeway Capital Partners, struck a deal for the business in the early hours of this morning, preserving up to 2,000 jobs. 

Patisserie Valerie slumped into administration earlier this year after a black hole was found

The new owner intends to keep 97 of Patisserie Valerie's 120 remaining branches open, and current chief executive Steve Francis will remain on board.

The two other brands within the Patisserie Holdings group, Philpotts and Baker & Spice, and their 27 shops will be sold separately. 

Patisserie Holdings was put on the market after it folded last month, following the discovery of a £42million black hole in its accounts which left it unable to keep up with payments. 

70 stores were closed immediately, but 120 remain open and trading

More than 70 stores have already closed, resulting in 920 redundancies.

High Street tycoon Mike Ashley, the owner of Sports Direct and Newcastle Football Club, is believed to have run the rule over the cake chain, but withdrew his offer earlier this week. 

Ashley complained that he had been locked out of the process by KPMG, which is handling the administration. 

Causeway Capital, which owns the BB Bakers and Baristas chain, was founded in 2015 and specialises in small and medium investments.    

Matt Scaife from Causeway said: 'Patisserie Valerie is heritage brand, much loved by its loyal customers. This investment should mark the end of a turbulent period for customers and suppliers alike.'   

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https://hienalouca.com/2019/02/14/scandal-hit-cake-chain-patisserie-valerie-rescued-in-eleventh-hour-bid-by-irish-private-equity-firm/
Main photo article Collapsed cake chain Patisserie Valerie has been rescued out of administration after an Irish private equity firm swept in with an eleventh-hour bid. 
The firm, Causeway Capital Partners, struck a deal for the business in the early hours of this morning, preserving up to 2,000 ...

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