NINE Patisserie Valerie cake shops and two Philpotts food stores in Scotland have been bought out of administration.
Causeway Capital Partners, the Irish private equity fund, said it had concluded an agreement with KPMG, administrators of the Patisserie Group, to acquire the assets and business for an undisclosed sum.
In a separate deal, food wholesaler AF Blakemore and Son has picked up all 21 sister outlets of Philpotts, including one in Glasgow and one in Edinburgh, KPMG said.
Founded in London’s Soho district in 1926, the high street branded café and casual dining business will maintain 96 branches across the UK, safeguarding the remaining 2,000 jobs.
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It includes four Patisserie Valerie in Edinburgh, three in Glasgow, one in Aberdeen and one in Dundee.
However, four, including three in Glasgow and one in Edinburgh, have closed.
Around 70 stores had been closed, resulting in 920 redundancies across the country.
Matt Scaife, of Causeway Capital, said: “Patisserie Valerie is heritage brand, much loved by its loyal customers.
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“This investment should mark the end of a turbulent period for customers and suppliers alike.
“We are delighted to partner with the team and look forward to helping the business return to growth.”
Steve Francis, chief executive of Patisserie Valerie, said the move “ends a disruptive period of uncertainty for the business”, adding: “The affection and loyalty for the brand among our customers and employees, and Causeway Capital’s enthusiasm and support for the business, creates for us the foundations for an exciting future for the business.”
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