Patisserie Valerie rescued from administration (GB)

Patisserie Valerie rescued from administration (GB)

Causeway Capital Partners has concluded an agreement to acquire the assets and business of Patisserie Valerie from its administrators KPMG for an undisclosed amount. The transaction has been funded with investment from Causeway Capital and the new management of the business, led by Steve Francis as Chief Executive Officer.

 

Founded in London’s Soho district in 1926, Patisserie Valerie is a UK high street branded cafe and casual dining business offering cakes, pastries, snacks, meals and hot and cold drinks. The company will maintain 96 branches across Great Britain and Northern Ireland. The current employees working in the business, totalling approximately 2,000, will transfer to a new corporate entity operating the Patisserie Valerie business with their existing employment rights and benefits honoured.

 

Causeway Capital’s Matt Scaife, commented: “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.”

 

Steve Francis, Chief Executive of Patisserie Valerie, said: “We are delighted to welcome Causeway Capital as our partners in Patisserie Valerie, ending a disruptive period of uncertainty for the business. The affection and loyalty for the brand among our customers and employees, and Causeway Capital’s enthusiasm and support for the business, creates for us the foundations for an exciting future for the business.”

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