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.
OTHER TOPICS FROM THIS SECTION FOR YOU:
- Cloetta AB: announces Q2-2024 interim report
- Axfood AB: Reports Q2-2024 Financial Results
- Chef Robotics: Launches AI-Powered Food Robot
- Conagra Brands: Reports Fourth Quarter 2024 Results
- Limerston Capital sells Village Bakery to Groupe Menissez
- GrubMarket: Buys Major Foodservice Company in Texas
- Lantmännen acquires Entrack AB
- DPC Dash: Concludes H1-2024 with Sustained Expansion
- Norway: Orkla Food Ingredients acquires FDE
- Fondo Italiano d’Investimento co-invests in Casa della Piada
- Greggs: invests in a new frozen manufacturing and logistics site
- Bundeskartellamt imposes fine against «Fritz!» manufacturer AVM
- Yum China: Celebrates Opening of its 200th KCoffee Store
- Beijing intends to roll out 5’400 food production robots
- K-Citymarket: sees significant sales growth in Finland
- DPC Dash: reaches 900-store milestone in China
- Coffee Holding: Terminates Merger with Delta Corp Holdings
- Perkins Restaurant + Bakery: introduces new brand identity
- Engelmans Bakery: acquires St. Armands Baking Company
- National DCP: Breaks Ground on New Distribution Center