Patisserie Holdings sells Baker & Spice for £2.5m
Patisserie Holdings has sold its Baker & Spice brand for £2.5m, in a disposal that comes hours after the embattled cake chain offloaded its 117 Patisserie Valerie and Philpotts stores for £13m.
In a statement this morning the embattled cake chain said that Baker & Spice, a deli and bakery chain which belonged to Patisserie Holdings group, had been snapped up by the Department of Coffee & Social Affairs.
The news comes after the scandal-hit announced yesterday that it had been rescued in a £13m management buyout backed by Irish private equity firm Causeway Capital Partners.
Causeway Capital Partners had struck a deal with Patisserie Valerie's administrators in a move that is set to save 2,000 jobs and 96 of the firm's remaining branches.
Read more: Patisserie Valerie rescued in £13m buyout
Retail and distribution firm A.F. Blakemore & Son has also acquired the remaining 21 stores under Patisserie Holdings's brand Philpotts.
Turnaround specialist and ex-Tulip boss Steve Francis is set to continue in his role as chief executive of Patisserie Valerie, although Luke Johnson’s role at the firm remains unknown.
Read more: Luke Johnson will see his reputation recover
Causeway Capital currently owns some cafes within its portfolio, including BB Bakers & Baristas, which controls 65 stores in the UK and Ireland.
Today the firm also said that its remaining assets, which were not included in the three separate transactions, would be realised during the administrations.