Irish private investment firm, Causeway Capital Partners, has reached a deal with Patisserie Valerie to secure 96 of the troubled coffee and bakery chain’s 121 UK stores
Patisserie Valerie will join UK coffee and bakery chain, BBs Bakers + Baristas, in Causeway Capital Partners' investment portfolio
The report in The Telegraph
stated around 2,000 jobs would be saved at the café, which collapsed in January 2019 in the wake of a £40m accounting scandal.
Founded in 2015, Causeway Capital Partners currently is invested in coffee and bakery chain, BBs Bakers + Baristas, which operates around 65 stores across the UK and Ireland. It is understood the Patisserie Valerie brand will remain intact and will not be assimilated in the BBs Bakers + Baristas business.
Around 900 jobs were lost at Patisserie Valerie when administrators, KMPG, closed 70 unprofitable stores, including their iconic Soho site in London. In February 2019, billionaire Sports Direct owner, Mike Ashley submitted but subsequently withdrew a £15m offer to buy the bakery chain.
It later emerged that 21-strong food-focused chain, Philpots has been purchased from Patisserie Holdings by food retail, wholesale and distribution company, A.F.Blakemore. A Patisserie Holdings press release valued the transaction for both firms at £13m comprising £10m cash and £3m deferred consideration. It also revealed 'strong interest' for five-strong London-based bakery and coffee chain, Baker and Spice.