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Thu 14th Feb 2019 - Patisserie Valerie and Philpotts sold in separate deals for total of £13m
Patisserie Valerie and Philpotts sold in separate deals for total of £13m: Patisserie Valerie and Philpotts have been sold out of administration in two separate deals totalling £13m. Irish private equity firm Causeway Capital has acquired a total of 96 Patisserie Valerie stores. Meanwhile, the 21 Philpotts stores across the UK have been bought by food retail, wholesale and distribution company AF Blakemore & Son. Joint administrators David Costley-Wood and Will Wright, of KPMG, said the deals collectively preserve all 117 stores and safeguard about 2,000 jobs. All members of staff across the Patisserie Valerie and Philpotts chains will transfer to the respective purchaser with immediate effect. Costley-Wood said: “To have been able to secure the future of the majority of the Patisserie Valerie and Philpotts business, along with such a significant number of jobs, all against a challenging backdrop, is really pleasing. It was clear from the outset of our appointment the loyalty shown in the brands from their many customers was a significant factor in ensuring these businesses would remain part and parcel of our high streets. We are particularly grateful for the support of stakeholders, including suppliers and employees, whose support throughout this process has been integral to securing such a positive outcome.” Patisserie Valerie chief executive Steve Francis 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 the foundations for an exciting future for the business.” Causeway Capital tweeted: “Patisserie Valerie is a heritage brand, much loved by its loyal customers. We are delighted to partner with the team and look forward to helping the business return to growth.” Further announcements regarding the Baker & Spice business will be made in due course but there is “strong interest” for the business. Patisserie Valerie’s parent company, Patisserie Holdings, stated: “Following the company’s administration it has completed the sale of Patisserie Valerie to Dublin-based Causeway Capital and Philpotts to AF Blakemore for a total consideration of £13m comprising £10m cash and £3m deferred consideration. Strong interest has also been received for Baker & Spice and an update will be provided shortly. Following the loss of its nominated adviser and the appointment of administrators, the company is provisionally scheduled for cancellation with effect from 7am on 25 February. In the circumstances no objection will be made to such cancellation and it is expected this will proceed at the appointed time.” Patisserie Holdings collapsed into administration last month after failing to agree fresh funding with its banks. Patisserie Holdings said its failure was a “direct result” of an accounting fraud that left a £40m hole in the company’s finances. KPMG shut 70 unprofitable stores at the cost of more then 900 jobs and ran an accelerated sales process for the remaining stores.

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