The Caterer

Patisserie Valerie confirms closure of 14 sites

11 July 2019 by
Patisserie Valerie confirms closure of 14 sites

The new owners of Patisserie Valerie have closed 14 of its sites as the chain works to regain profitability.

The brand and 96 branches were acquired by Causeway Capital from KPMG in February.

During its time in administration, following the discovery of "significant and potentially fraudulent accounting irregularities" as reported by the company, KPMG had already closed 71 sites, causing 920 redundancies.

Now Causeway has confirmed the closure of an additional 14 after considering their size, trading performance and location over a five-month period.

A spokesperson for the firm said: "The remaining 75 Patisserie Valerie locations represent the larger, best-performing patisseries.

"The company has confirmed that these difficult measures will enable it to better focus its investment programme on improving the quality of its patisseries over the coming months."

It is currently unclear how many jobs have been lost as a result of the closures, however a spokesperson told The Caterer that, where possible, staff are being relocated to other sites.

The Caterer Breakfast Briefing Email

Start the working day with The Caterer’s free breakfast briefing email

Sign Up and manage your preferences below

Thank you

You have successfully signed up for the Caterer Breakfast Briefing Email and will hear from us soon!

Jacobs Media Group is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

The highest official awards for UK businesses since being established by royal warrant in 1965. Read more.