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15/02/2019
Patisserie Valerie Buy Out Saves 60 NI Jobs
Two out of three Patisserie Valerie cake shops in Belfast have been saved after an Irish firm stepped in to buy-out the company.
The purchase by Dublin-based Causeway Capital Partners of 96 branches of the café chain safeguards 60 jobs in Northern Ireland and around 2,000 positions UK-wide.
Parent company Patisserie Holdings plc was forced into administration last month following an accounting fraud issue that put 3,000 jobs on the line.
The firm has three locations in Belfast, at Donegall Square, Castle Lane and Forestside Shopping Centre.
Causeway Capital's Matt Scaife welcomed the purchase of the company.
"Patisserie Valerie is a heritage brand, much loved by its loyal customers," he said.
"This investment should mark the end of a turbulent period for customers and suppliers alike."
Patisserie Valerie chief executive Steve Francis added: "We are delighted to welcome Causeway Capital as our partners in Patisserie Valerie, ending a disruptive period of uncertainty for the business.
"The affection and loyalty for the brand among our customers and employees, and Causeway Capital's enthusiasm and support for the business, creates for us the foundations for an exciting future for the business."
(JG)
The purchase by Dublin-based Causeway Capital Partners of 96 branches of the café chain safeguards 60 jobs in Northern Ireland and around 2,000 positions UK-wide.
Parent company Patisserie Holdings plc was forced into administration last month following an accounting fraud issue that put 3,000 jobs on the line.
The firm has three locations in Belfast, at Donegall Square, Castle Lane and Forestside Shopping Centre.
Causeway Capital's Matt Scaife welcomed the purchase of the company.
"Patisserie Valerie is a heritage brand, much loved by its loyal customers," he said.
"This investment should mark the end of a turbulent period for customers and suppliers alike."
Patisserie Valerie chief executive Steve Francis added: "We are delighted to welcome Causeway Capital as our partners in Patisserie Valerie, ending a disruptive period of uncertainty for the business.
"The affection and loyalty for the brand among our customers and employees, and Causeway Capital's enthusiasm and support for the business, creates for us the foundations for an exciting future for the business."
(JG)
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