Valerie: Sandwich and Group

valerie: Another 21 Philpotts sandwich shops that were part of the Patisserie Valerie group have been bought by AF Blakemore & Son, the family-owned company which is the largest operator of Spar convenience stores in the UK. The two deals will save about 2,000 jobs, according to The Guardian. Patisserie Holdings the listed parent company of the two chains said they had been sold for 13m in total, a fraction of the 450m the group was once worth. Almost 100 cafes will be rescued in the deal, funded by Causeway Capital Partners. The company fell into administration in January, three months after a black hole emerged in its accounts which it blamed on potentially fraudulent accounting irregularities. Quick guide The lowdown on Causeway Capital Show Hide The Irish private equity firm Causeway Capital Partners has dared to go where many of its bigger rivals have feared to tread in by buying up the troubled Patisserie Valerie chain. A buyer for the group's five Baker & Spice cafes is still being sought but Patisserie Holdings said there had been strong interest. (news.financializer.com). As reported in the news.