Patisserie Valerie has been bought out of administration by an Irish private equity firm, which could secure its future in Manchester.

Dublin-based Causeway Capital Partners has snapped up 96 Patisserie Valerie sites. It will save nearly 2,000 jobs.

However, the deal does not include 27 outlets belonging to sister brands Philpotts and Baker & Spice which are being thought to be being sold separately to a different buyer.

The chain collapsed into administration last month, three months after it revealed that it had discovered a black hole in its accounts  which included thousands of false entries into the company’s ledgers.

Causeway Capital’s Matt Scaife said on Thursday: “Patisserie Valerie is 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 chief executive Steve Francis said: “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. “


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