Boutique-style retailer Baker & Spice has found a buyer soon after entering administration. Spice Bakery, a new firm set up to acquire the assets of Baker & Spice, has purchased the business and "certain assets" as a going concern.
Baker & Spice, founded by Gail Stephens, who also founded The Bread Factory, called in administrator Vantis Business Recovery Services (BRS) on 20 February 2009. "We accepted a third-party offer from Spice Bakery, led by Luke Johnson and funded by Risk Capital Partners," said Nick O’Reilly, client partner at Vantis (BRS). Risk Capital acquired Patisserie Valerie in September 2006 and Druckers in 2007.
Vantis (BRS) said that due to "historic losses and ongoing supply issues", the business had been unable to trade as a going concern, so interested parties were sought to acquire the business as part of a pre-packaged sale out of administration.
Paul May, chief executive of Patisserie Valerie Holding and an associated partner of Risk Capital, said Baker & Spice is "a very good and established brand, and a very different offering to Patisserie Valerie".
A full staff review is now under way, and May said they hope enter into discussions with Stephens about her future involvement in the business. The aim of the new firm is to get Baker & Spice operationally in shape before building on the brand, he added.