Patisserie Valerie is the leading branded patisserie and bakery operator in the UK with more than 50 outlets.

Headquartered in Birmingham, UK, the business originated from a single store in Soho, London in 1926 and has grown to over 50 stores with 800 staff. A well-established heritage brand, the business specialises in a distinctive range of handmade French cakes and savoury food offerings crafted at production facilities across the UK. The business’ loyal customer base can select from a range of luxury baked goods and are able to design customised cakes for occasions such as weddings, birthdays along with other celebrations.

Covid-19 has provided Patisserie Valerie the opportunity to accelerate the launch of its online direct-to-consumer e-commerce service, providing cakes and baked goods via delivery partner DPD throughout the UK via next day delivery or collection the next day in store.

Following the successful launch of the online offering, the business works with the Sainsburys supermarket group in the UK on a wholesale partnership model where Patisserie Valerie branded luxury baked goods are available in supermarkets throughout the UK.

Patisserie Valerie is led by James Fleming (Group CEO).

Investment highlights

Causeway Capital financed the acquisition of the business out of administration following a turbulent period listed on London’s AIM for smaller companies. Given the uncertain future facing many pillars of the UK high street, the opportunity to protect jobs and secure the future of a much-loved British business was one that Causeway and management were enthusiastic about pursuing. 

Since the original acquisition, Causeway Capital has helped to drive a significant turnaround in the business focusing on offering consumers its luxury baked products and enabling the business to return to sustainable growth. This included enhancing the senior management team, achieving production and supply chain efficiency savings, reduced product wastage and retail operational improvements through training and people management and outsourcing logistics. In addition to the 50 stores, Patisserie Valerie has grown and diversified the business since the onset of Covid-19 through its online direct-to-consumer e-commerce service and its wholesale relationship with Sainsburys.

In addition, Causeway Capital has merged the business with another portfolio investment, Bakers + Baristas, with James Fleming taking up the role of Group CEO. The combined group is expected to realise further synergies as they continue to integrate over the coming months and years.

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