14th Feb 2019 12:17
LONDON (Alliance News) - Patisserie Holdings PLC on Thursday confirmed it has sold its cake and cafe chain Patisserie Valerie and sister brandPhilpotts for GBP13 million combined.
Earlier on Thursday media reports had shared news of the sale to Irish private equity firm Causeway Capital Partners. The private equity firm is understood to have snapped up 96 Patisserie Valerie sites.
Philpotts has been sold to AF Blakemore.
Furthermore, Patisserie Holdings said that it received "strong interest" for the sister brand Baker and Spice, which was not included in the deal.
The company, which entered administration last month after the discovery of fraudulent activity in its accounts in October said the cancellation of its shares is scheduled for February 25.
"In the circumstances no objection will be made to such cancellation and it is expected that this will proceed at the appointed time," it concluded.
In January, the company said the extent of fraud meant it was unable to renew its bank loans with HSBC and Barclays and it did not have sufficient funding to continue trading, leaving it with no option but to appoint KPMG as administrator.