February 14, 2019

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Patisserie Valerie’s managers rescue chain


Patisserie Valerie cafe Image copyright
Reuters

Patisserie Valerie is being purchased out of administration, saving 96 outlets and almost 2,000 jobs.

The administration crew on the espresso and cake chain has secured backing from funding agency Causeway Capital to take over its possession.

The deal doesn’t embrace shops belonging to sister manufacturers Philpotts and Baker & Spice.

Patisserie Valerie’s mum or dad firm collapsed in January following an accounting scandal.

Patisserie Valerie’s chief government, Steve Francis, who’s main the administration crew buy-out, stated the transfer would supply the muse for “an exciting future” for the enterprise and finish “a disruptive period of uncertainty for the business”.

Matt Scaife, a companion at Dublin-based Causeway Capital stated Patisserie Valerie was a “much loved” heritage model that his agency appeared ahead to serving to return to development.

Patisserie Valerie plunged into disaster in October when accounting irregularities have been uncovered on the High Street chain. It employed KPMG to attempt to salvage the model which dates again almost 100 years.

KPMG closed 70 shops, with the lack of 920 jobs. Restructuring talks broke down in January, leaving no choice however administration.

The Serious Fraud Office is finishing up a felony investigation into Patisserie Valerie and finance director Chris Marsh was arrested and launched on bail after having been suspended by the corporate.

Also below investigation, by the Financial Reporting Council, are former Patisserie Valerie auditors Grant Thornton.



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