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Sun 8th Mar 2020 - Causeway Capital merges Patisserie Valerie and Bakers + Baristas
Causeway Capital merges Patisserie Valerie and Bakers + Baristas: Causeway Capital has announced the merger of its two portfolio companies – Patisserie Valerie and Bakers + Baristas – creating a “high-quality” patisserie and coffee group with more than 125 locations throughout the UK and Ireland. The new group will continue operating under its two brands that will retain their existing individual in-store offerings. It will be led by James Fleming as group chief executive. Fleming is currently chief executive of Bakers + Baristas and was previously chief executive of Euphorium Bakery and UK chief executive of French bakery and cafe brand Paul. Causeway Capital said the merger would enable both businesses to benefit from shared baking, coffee and customer service resources as well as new product development. It will also facilitate additional investment-for-growth opportunities, including new store openings. Bakers + Baristas is a barista coffee and fresh bakery operator with locations in shopping and outlet centres throughout the UK and Ireland. The business has grown sales from £11m in 2015 to £22m in 2019. Patisserie Valerie had about 200 outlets when it collapsed into administration in January last year after a £94m black hole was found in its accounts. Causeway Capital subsequently acquired the business, supported by a team of professional bakers and patisserie chefs based at its head office in Birmingham. It recently launched Pat Val Premier, an online service that enables next day delivery of personalised special occasion cakes to any address in the UK. The merger follows the completion of a 12-month operational turnaround programme of Patisserie Valerie, led by production managing director José Peralta and retail managing director Paolo Peretti. Both have agreed to provide support to the go-forward executive team during a transitional period, prior to completing their full-time roles within the business. Causeway Capital partner Matt Scaife said: “We are pleased to announce the merger of our coffee and patisserie investments. We want to thank Paolo and José for their hard work and leadership in delivering the Patisserie Valerie turnaround programme over the past 12 months. We look forward to continuing supporting the development of these two distinctive brands and the continued growth of the group.” Fleming added: “This merger represents a fantastic opportunity to establish a high-quality, branded coffee and patisserie business with a presence throughout the UK and Ireland. I am excited to be leading the team and believe there are significant opportunities to leverage shared resources across the business to deliver best-in-class customer experience for both brands in-store and online.”

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