Irish private equity firm causeway Capital Partners has backed a £13m management buy-out, for Patisserie Valerie.
Thursday morning the cake chain announced the deal had be done with administrators KPMG, saving 2,000 jobs and 96 stores.
A.F. Blakemore & Son acquired the remaining 21 stores, that were under Patisserie Holding’s brand, Phillpotts.
Steve Francis, Patisserie Valerie’s chief executive who led the management buy-out said this move will provide a foundation for “an exciting future” that now ends “a disruptive period of uncertainty for the business.”
The company went into crisis in October when a £40m black hole was found in their accounts.