Buyers found for stricken food chain
The Patisserie Valerie and Philpotts retail businesses have been sold in two separate transactions, saving the remaining 117 stores and safeguarding 2,000 jobs, administrator KPMG has announced.
A total of 96 Patisserie Valerie stores have been acquired by Dublin-based Causeway Capital, while Midlands food retail, wholesale and distribution company AF Blakemore & Son has bought the 21 Philpotts stores, eight of which are in the North West.
All staff will transfer to the respective purchaser with immediate effect. KPMG said that further announcements regarding the Baker & Spice business will be made in due course.
David Costley-Wood, partner at KPMG and joint administrator, 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.
“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.”
Following the group entering administration in January, 71 closures were announced, including Patisserie Valerie on St Ann Street in Manchester, two concessions at Manchester Arndale and one at the Trafford Centre. Patisserie Valerie stores in Liverpool’s Whitechapel and Southport’s Lord Street were closed, along with concessions in Debenham’s stores in Liverpool and Wigan and stores in Bury and Chester.