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Patisserie Valerie's managers rescue chain

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Patisserie Valerie is being bought out of administration, saving nearly 2,000 jobs.The chain's management has secured backing from private equity fund Causeway Capital for a buy-out.The deal does not include 27 outlets belonging to sister brands Philpotts and Baker & Spice.Patisserie Valerie, which was chaired by businessman Luke Johnson, collapsed following the discovery of fraudulent activity in its accounts.Causeway Capital's Matt Scaife said on Thursday: "Patisserie Valerie is a heritage brand, much loved by its loyal customers. This investment should mark the end of a turbulent period for customers and suppliers alike."
Patisserie Valerie plunged into crisis in October when accounting irregularities were uncovered at the High Street chain. It hired KPMG to try to salvage the brand which dates back nearly 100 years.
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KPMG closed 70 outlets, but kept 121 open in the hope of selling them. But restructuring talks broke down, leaving no option but administration.The Serious Fraud Office is carrying out a criminal investigation into Patisserie Valerie and finance director Chris Marsh was arrested and released on bail after having been suspended by the company. Also under investigation, by the Financial Reporting Council, are former Patisserie Valerie auditors Grant Thornton.
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