Irish private equity firm rescues Patisserie Valerie
Causeway Capital Partners has struck a deal for the assets and business of the cafe chain’s parent after an accounting scandal pushed it into insolvency
Patisserie Valerie has been rescued by Irish private equity firm Causeway Capital Partners after an accounting scandal pushed the UK cake baker into insolvency.
Causeway Capital struck a deal for the assets and business of the cafe chain’s parent Patisserie Holdings, according to a statement. Causeway Capital and the bakery chain’s new management, led by chief executive Steve Francis, funded the transaction.
Patisserie Valerie, a well-known fixture on Britain’s shopping streets, attracted interest from the likes ofBritish sportswear billionaire Mike Ashley. The deal announced on Thursday will save about 2,000 jobs and keep 96 cafes open, a boon for high streets suffering due to the shift to online shopping and uncertainty over Brexit.
