Patisserie Holdings sells Baker & Spice for £2.5m

Patisserie Holdings, trading as Patisserie Valerie, has sold its subsidiary company Baker and Spice to the Department of Coffee & Social Affairs for a total consideration of £2.5m.

This follows the announcement of Patisserie Valerie being rescued from administration after it was sold to Irish equity firm Causeway Capital Partners. Another business in its portfolio, sandwich chain Philpotts, was sold to AF Blakemore, securing 21 outlets. The two transactions amounted to a combined consideration of £13m.

The four Baker and Spice outlets acquired include those in Belgravia, Chelsea, Maida Vale and in Selfridges on Oxford Street. Some 68 employees have transferred to Department of Coffee and Social Affairs. The store in Oxford did not form part of the transaction and will close with immediate effect, with the loss of 10 jobs.

The company’s remaining assets which were not included in the three transactions will be realised during the administrations.

Dave Costley-Wood, partner at KPMG and joint administrator, said: “Following the earlier sales today of Patisserie Valerie and Philpotts, we are pleased to conclude this deal which sees the highly-regarded London Baker and Spice stores transfer to Department of Coffee and Social Affairs.”

Matthew Gill, deputy chairman, Department of Coffee and Social Affairs, said: “We’re very excited to now own Baker and Spice, it’s a tremendous brand and the team are looking to build upon its success.”