Entrepreneur Luke Johnson has added a third pastry brand to his growing empire, with a deal to acquire London’s Baker & Spice chain.
Through a pre-pack administration handled by Vantis Business Recovery Services, Johnson’s Spice Bakery vehicle has acquired outlets in London’s Chelsea, Queens Park, Belgravia, Maida Vale and a concession at department store Selfridges. He plans to keep trading the outlets under their established Baker & Spice name.
Johnson’s company Patisserie Holdings, which already owns the Patisserie Valerie and Druckers Vienna Patisserie brands, is backed by private equity firm Risk Capital Partners.
Nick O’Reilly, client partner at Vantis, said Baker & Spice had been put into administration due to historic losses and ongoing supply issues.
“Baker & Spice is a well respected brand in the London market and has a significant workforce; it was important therefore that we tried to save the business despite being unable to trade it as a going concern,” he said.
O’Reilly said Baker & Spice would now make the most of being part of a larger group to benefit on economies of scale and help achieve a turnaround.
Baker & Spice was founded by Gail (Stephens) Mejia in 1995, with its first outlet in London’s Walton Street.
By Chris Druce
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