Future of Patisserie Valerie looks secure
PUBLISHED: 10:43 15 February 2019 | UPDATED: 10:43 15 February 2019
The future of the Patisserie Valerie cafes looks set to be secure after the cake chain was bought out of administration.
The deal secures the Norwich branch as well as the other cafes in the region, in Bury St Edmunds, Ipswich and Colchester.
The Irish private equity firm Causeway Capital Partners swooped in just days after Sports Direct’s Mike Ashley pulled out of his bid to buy the chain.
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Causeway Capital Parners owns cafes including BB Bakers & Baristas which has a store in Castle Mall, Norwich.
Patisserie Valerie Chairman Luke Johnson extended an unsecured, interest-free loan to help ensure that the January wages were paid to all staff working in the ongoing business but that didn’t stop the chain falling into administration. It closed 71 stores last month, including one in Chelmsford.
Patisserie Valerie’s sister brand Philpotts has also been sold in a separate deal to A.F. Blakemore & Son Ltd, saving 21 stores.