BREAKING NEWS

BREAKING NEWS

Patisserie Valerie rescued by management with help from Causeway Capital - FT

Patisserie Valerie rescued by management with help from Causeway Capital - FT
FILE PHOTO: A sign is reflected in the window of a branch of Patisserie Valerie in London, Britain, October 10, 2018. REUTERS/Simon Dawson/File Photo -
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(Reuters) - Scandal-hit British cafe chain owner Patisserie Holdings has been bought out of administration by its management with help from Los Angeles-based investment management firm Causeway Capital, the Financial Times reported.

The buyers want to keep around 100 stores open, depending on the outcome of talks with landlords, the report said https://www.ft.com/content/26e91e20-3032-11e9-ba00-0251022932c8, citing people familiar with the situation.

Philpotts and Baker & Spice and two other brands within the group are to be sold separately.

Patisserie Valerie plunged into crisis in October after its owner uncovered accounting irregularities. It hired KPMG in a last-ditch attempt to save the company, which traces its roots back to a shop founded 93 years ago.

(Reporting by Noor Zainab Hussain in Bengaluru)

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