Patisserie Holdings Sells Baker & Spice for GBP2.5m
British Bakery chain Patisserie Holdings has announced it had sold Baker & Spice to the Department of Coffee & Social Affairs for a total sum of GBP2.5m.
The deal followed the announcement of the Patisserie Valerie and Philpotts disposals, which were sold in separate transactions for a total of GBP13m, the company said.
The remaining assets, which were not included in the three separate transactions, would be realized during the administrations, the company said.
The company reiterated that it was provisionally scheduled for cancellation with effect from February 25.
Struggling with the fallout of accounting irregularities uncovered last year, Patisserie Holdings sold its Patisserie Valerie chain to Irish private equity fund Causeway Capital and Philpotts brand to food retailer A.F. Blakemore, in a deal that rescued some 2,000 jobs.
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