Patisserie Valerie rescued by Irish private equity firm

14th Feb 2019 11:22

(Sharecast News) - Patisserie Valerie has been bought out of administration by Dublin-based private equity firm Causeway Capital Partners.Patisserie Holdings, the parent company of the struggling café chain, said on Thursday that it also sold off its Philpotts brand - which includes 21 stores - to retail and distribution group A.F. Blakemore. The consideration for both Valerie and Philpotts was £13m, comprising £10m in cash and a further deferred £3m.Patisserie also said it has received "strong interest" in the Baker and Spice deli and bakery chain, and an update will be provided shortly. The Valerie rescue will save 2,000 jobs and 96 of the company's remaining 122 branches across the country.Matt Scaife, a partner at Causeway Capital, said: "Patisserie Valerie is a heritage brand, much loved by its loyal customers. This investment should mark the end of a turbulent period for customers and suppliers alike. We are delighted to partner with the team and look forward to helping the business return to growth."The Serious Fraud Office is currently carrying out a criminal investigation into Patisserie Valerie, after finance director Chris Marsh was arrested and released on bail last year. In addition, former Patisserie Valerie auditors Grant Thornton are under investigation by the Financial Reporting Council.