15th Feb 2019 09:48
LONDON (Alliance News) - Patisserie Holdings PLC on Friday confirmed it has sold Baker & Spice to speciality coffee store Department of Coffee & Social Affairs for GBP2.5 million.
The embattled coffee store chain announced on Thursday it sold cake and cafe chain Patisserie Valerie and sister brand Philpotts for GBP13 million combined to Irish private equity firm Causeway Capital Partners and AF Blakemore, respectively.
Patisserie Holdings, which entered administration last month after the discovery of fraudulent activity in its accounts in October, said the cancellation of its shares from the London Stock Exchange is scheduled for February 25. Trading in Patisserie Holdings shares currently is suspended.
In January, the company said the extent of fraud meant it was unable to renew its bank loans with HSBC and Barclays and did not have sufficient funding to continue trading, leaving it with no option but to appoint KPMG as administrator.