BREAKING NEWS

BREAKING NEWS

Patisserie Holdings sells Baker & Spice business

Patisserie Holdings sells Baker & Spice business
FILE PHOTO: Women walk past a branch of Patisserie Valerie in London, Britain, October 10, 2018. REUTERS/Simon Dawson/File Photo -
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(Reuters) - Collapsed UK cafe operator Patisserie Holdings said on Friday that it had sold its Baker & Spice business to rival chain Department of Coffee & Social Affairs for 2.5 million pounds, a day after the company sealed deals for its other two main businesses.

Struggling with the fallout of accounting irregularities uncovered last year, the company on Thursday sold its Patisserie Valerie chain to Irish private equity fund Causeway Capital and Philpotts brand to food retailer A.F. Blakemore, in a deal that rescued dozens of cafes and some 2,000 jobs.

"The remaining assets, which were not included in the three separate transactions, will be realised during the administrations," the company said in a statement.

(Reporting by Tanishaa Nadkar in Bengaluru; editing by Patrick Graham)

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