Irish fund steps in to rescue Patisserie Valerie coffee outlets
Causeway Capital, an Irish-based equity fund, has bought out the Patisserie Valerie coffee-and-cake chain from British administrators, showing its faith in troubled UK retailing.
The deal involves 96 of around 125 outlets held by the main business in Britain and the North, at a fraction of the £500m (€570m) stock market investors had put on the chain before it plunged into crisis in October after its owner uncovered accounting irregularities. It hired KPMG as administrators in a last-ditch attempt to save the company.
