Patisserie Valerie SAVED as Irish private equity firm steps in to buy the chain

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Patisserie Valerie has collapsed into administration - putting 3000 jobs at risk

Patisserie Valerie SAVED as Irish private equity firm steps in to buy the chain

Just days after Mike Ashley’s pulled out of his bid to buy Patisserie Valerie, the cafe has been stored.

Irish private equity firm Causeway Capital Partners has stepped in to rescue the chain, and plans to stay all of its ultimate 120 branches open, the Telegraph experiences .

The FT experiences the firm’s personal control took it out of management – with backing from Causeway Capital.

However, Philpotts and Baker & Spice, which might be additionally inside the Patisserie Holdings staff, aren’t a part of the deal and are nonetheless set to be bought, the FT added.

Patisserie Holdings moved right into a 2nd spherical of bidding this week, with  directors at KPMG announcing it had won a spread of proposals from potential consumers, starting from the acquire of the complete industry to smaller portions of it.

The firm has been grappling with the fallout of an accounting fraud.

Chairman Luke Johnson prolonged an unsecured, interest-free mortgage to lend a hand be sure that the January wages had been paid to all team of workers running in the ongoing industry, the corporate stated.

But that did not forestall the chain falling into management – and being compelled to shut 71 retail outlets overdue final month.

gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw== - Patisserie Valerie SAVED as Irish private equity firm steps in to buy the chain
Open for industry for the foreseeable long term
(Image: PA)

The long term of the corporate used to be thrown into doubt in October after it exposed fraudulent job round its monetary accounts and used to be served a wind-up order by way of the taxman over £1.14 million owed to HM Revenue and Customs.

Paul May, the former boss of the beleaguered cake chain, used to be additionally compelled to step down as a results of the scandal.           

The corporate stated Nick Perrin, previously finance head at veterinary firm CVS, took up the position whilst the board regarded for an enduring alternative for predecessor Chris Marsh.

Marsh used to be arrested on suspicion of fraud following the discovery of a black hollow in Patisserie Valerie’s accounts in October, however used to be later launched.

However, it now turns out the corporate – and its ultimate team of workers – had been stored.

New house owners Causeway Capital Partners are a firm that specialises in small and medium sized companies in the UK and Ireland.

It already has revel in in the cafe sector, with investments in Bakers + Baristas bakery and low operator with greater than 65 places in buying groceries department shops and retail outlet parks in the UK and Ireland.

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