Patisserie Valerie saved by Irish private equity firm & management team

Cafe and cake chain, Patisserie Valerie has been rescued from administration as Dublin-based private equity firm, Causeway Capital has agreed to acquire parent company, Patisserie Holdings.

The new owners, who will also include members of the management team, said they hoped to keep all 96 Patisserie Valerie sites open.

KPMG has reportedly also agreed the separate sale of Patisserie Holdings' two other brands, Philpotts and Baker & Spice, which make up 27 sites between them.

Patisserie Valerie's chief executive, Steve Francis, who is leading the management team buy-out, said the move would end 'a disruptive period of uncertainty for the business' and provide the foundation for 'an exciting future'.

Matt Scaife, a partner at Causeway Capital, said Patisserie Valerie was a 'much loved' heritage brand that his firm looked forward to helping return to growth.