Patisserie Valerie will have to win back its reputation for selling cakes under its new owners and distance itself from its accounting scandal, the chief executive has said.
Steve Francis, 57, who was brought in to run the business in November, said that Patisserie Valerie must focus on “going back to basics, putting time between us and all the history”.
The café chain was rescued from administration yesterday by Causeway Capital Partners, an Irish private equity firm, which has bought 96 of its 121 stores. AF Blakemore & Son, which owns Spar, bought all 21 of Patisserie Valerie’s branches of Philpotts.
The two companies paid a combined £13 million — £10 million in cash and a £3 million deferred consideration. The deal was struck at about…