Patisserie Valerie moves closer to 50 sites
Patisserie Valerie has moved closer to 50 outlets, after the upmarket café operator acquired a new site in Hove, East Sussex.
The deal, brokered by Davis Coffer Lyons, sees the firm take the ground floor on a four-storey building from former occupier, Brighton-based restaurant and coffee shop the Real Eating Company, which is rationalising its portfolio to focus on its café and deli business.
A premium was paid for the assignment of the 15-year lease, which runs from August 2003, at a passing rent of £37,000 per annum exclusive.
Patisserie Valerie is also set to open a further site at Birmingham Pavillions shortly. It has grown its number of sites by 50% in the past 12 months and is now operating almost 50 stores in England.
Patisserie Valerie's owner, Patisserie Holdings, is backed by Luke Johnson's Risk Capital Partners.
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By Neil Gerrard
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