Five people have been arrested and interviewed by the Serious Fraud Office following the collapse of Patisserie Holdings.

The company, which had operated brands including Patisserie Valerie, Druckers, Philpotts and Baker & Spice, entered administration in January after failing to renew its banking facilities.

Patisserie Holdings had narrowly avoided collapse in October last year after a black hole was discovered in its finances.

The Serious Fraud Office (SFO) has now stated five people - who have not been named - were arrested last Tuesday (18 June) and interviewed as part of a joint operation by the Hertfordshire, Leicestershire and the Metropolitan police services.

“Five individuals were arrested and interviewed in connection with the Serious Fraud Office investigation into individuals associated with Patisserie Holdings PLC,” said an SFO spokesperson.

As a result of the collapse, the former Patisserie Holdings businesses have been sold off, with Irish private equity firm Causeway Capital taking on 96 Patisserie Valerie (PV) sites along with bakeries and the Flour Power City brand. Patisserie Holdings was operating around 150 PV sites when it entered administration in January.

West Midlands-based wholesaler and distributor AF Blakemore acquired all 21 Philpotts food-to-go stores, many of which are in the Midlands. Blakemore said the deal was part of a strategy to expand its ‘food for now’ business.

The four London outlets of Baker & Spice were acquired by coffee chain Department of Coffee and Social Affairs (DOCASA). A fifth Baker & Spice outlet, in Oxford, was not part of the deal and has been closed.