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 today 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.”
Notes to Editors:
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.
For media enquiries, please contact:
KPMG Press Office: 020 7694 8773
About KPMG in the UK
KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 16,300 partners and staff. The UK firm recorded a revenue of £2.338 billion in the year ended 30 September 2018. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 154 countries and has 200,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.
About Causeway Capital Partners
Causeway Capital Partners is an Irish private equity fund which invests in established Irish and UK businesses. With offices in Dublin and London, Causeway Capital Partners manages funds on behalf of European pension funds and financial institutions, including the Irish Strategic Investment Fund (ISIF), the European Investment Fund (the EIF) and AIB Bank.
Causeway Capital has completed investments in five previous businesses, namely:
To learn more about Causeway Capital, go to www.causewaycapital.eu
About A.F. Blakemore & Son Ltd
A.F. Blakemore & Son Ltd was founded in 1917 and is a family-owned food & drink retail, wholesale and distribution business, based at Longacres Industrial Estate in Willenhall, West Midlands.
Peter Blakemore is the third generation of the Blakemore family to lead the company, which currently employs circa 7,500 people and has a turnover of more than £1 billion.
The company currently ranks number 44 in the Top Track 100 of Britain’s private companies.
A.F. Blakemore consists of eight separate divisions: