Birmingham / UK. (kpmg) The joint administrators of Patisserie Holdings PLC and its subsidiaries announce that the businesses of Patisserie Valerie and Philpotts have been sold in two separate transactions.
The joint administrators of Patisserie Holdings PLC and its subsidiaries announce that the businesses of Patisserie Valerie and Philpotts have been sold in two separate transactions, which collectively preserve all 117 stores and safeguard approximately 2000 jobs.
- A total of 96 Patisserie Valerie stores have been acquired by Dublin-based Causeway Capital Partners.
- Separately, A.F. Blakemore + Son, the food retail, wholesale and distribution company, has acquired all 21 Philpotts stores across the UK.
- All members of staff across the Patisserie Valerie and Philpotts chains will transfer to the respective purchaser with immediate effect.
- The Joint Administrators confirm that further announcements regarding the Baker and Spice business will be made in due course.
David Costley-Wood, partner at KPMG and joint administrator, commented: «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. We are particularly grateful for the support of stakeholders, including the suppliers and employees, whose support throughout this process has been integral to securing such a positive outcome.»
Blair Nimmo and David Costley-Wood from KPMG were appointed as joint administrators to Patisserie Holdings PLC on Tuesday 22 January. At the same time, David Costley-Wood and Will Wright were appointed joint administrators to subsidiaries Patisserie Acquisition Limited, Stonebeach Limited, Philpotts Limited, and Flour Power City Limited. They were then appointed over Patisserie Valerie Holdings Limited and Spice Bakery Limited on 13 February. Following their appointment, the joint administrators 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.