Buzz People

Patisserie Valerie rescue saves 2,000 jobs

Patisserie Valerie is being bought out of administration in a deal that will save nearly 2,000 jobs.
The management team at the coffee and cake chain has secured backing from investment firm Causeway Capital to take over 96 shops.
Sister brand Philpotts has also been sold in a separate deal, saving a further 21 stores.
Collectively the chains fetched £13m - a fraction of what the group was once worth.
Patisserie Valerie's parent company, Patisserie Holdings, collapsed in January following an accounting scandal.
Patisserie Valerie's chief executive, Steve Francis, who is leading the management team buy-out, said the move would end "a disruptive period of uncertainty for the business" and provide the foundation for "an exciting future".
Matt Scaife, a partner at Dublin-based Causeway Capital, said Patisserie Valerie was a "much loved" heritage brand that his firm looked forward to helping return to growth.
Luke Johnson, until recently the firm's chairman and biggest shareholder, said: "While I'm naturally deeply disappointed at the events that led us to this point, I wish the company well."
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