Patisserie Valerie’s parent firm has been saved after its businesses were sold in two separate deals, saving 117 stores and 2,000 jobs.
A total of 96 Patisserie Valerie stores have been acquired by Dublin-based Causeway Capital.
Separately, all 21 stores trading under the Philpotts brand have been bought by A.F. Blakemore & Son, a food retail, wholesale and distribution company.
The sale completed for a total consideration of £13m, comprising £10m cash and £3m deferred consideration.
Patisserie Valerie’s joint administrators at KPMG said further announcements regarding the Baker and Spice brand will be made “in due course”.
KPMG has continued to trade 122 stores across the group while they pursued a sale of the business and its assets. However, a total of 70 stores and concessions closed, resulting in 920 redundancies.
David Costley-Wood, partner at KPMG, 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 that the loyalty shown in the brands from their very many customers was a significant factor in ensuring that these businesses would remain part and parcel of our high streets.”
Patisserie Valerie’s parent company collapsed into administration last month in the wake of an accounting scandal.
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