Ex-Druckers boss refutes Patisserie Valerie rumours

The former shareholder and chief executive of Druckers has dismissed media reports that he is planning to make an offer or acquire shares in Patisserie Valerie.

Restaurateur David Scott issued a statement following news stories that suggested he was sounding out shareholders about a possible takeover of the café chain, which bought Druckers in 2007.

“Despite the media reports, I have not appointed nor do I intend to appoint, a company to liaise with shareholders on my behalf and I have no interest in making an offer for or acquiring shares in Patisserie Valerie or any related companies,” said Scott.

Earlier this month the crisis-hit business discovered serious accounting irregularities and admitted it needed a £20m capital injection to avoid calling in administrators.

Last week Patisserie Holdings, which operates more than 150 Patisserie Valerie outlets and around 50 sites under other brands, announced that Chris Marsh had resigned from his position as finance director.


Patisserie Holdings

Total number of sites: 206 *

Brands: Patisserie Valerie (153 sites), Philpotts (22), Druckers (20), Baker and Spice (4), Flour Power City Bakery (1)

Employees: 3,200

Food/drink split (2017): 57/43

Eat in/takeaway split (2017): 65/35

Turnover: £60.5m (six months to 31 March 2018)

EBITDA: £13.6m (six months to 31 March 2018)

HQ location: Birmingham

Key management: Paul May, CEO; Luke Johnson, chairman

Patisserie Holdings has a vertical supply chain, producing goods in-house at seven bakeries and delivering them to stores. Products are also sold online.

Since acquiring the Patisserie Valerie business in 2006, the business has expanded rapidly through acquisitions and openings to more than 200 sites. In its current financial year, the business has been aiming to open 20 stores.


Timeline

1926: First Patisserie Valerie café opened in Frith Street in London’s Soho by Madame Valerie to introduce Continental-style patisserie to the English

1939-1945: Café destroyed by bombing in Second World War, and Madame Valerie opens new Patisserie Valerie on nearby Old Compton Street

1945-2005: Patisserie Valerie grows to eight sites in central London

2006: Luke Johnson’s private equity firm Risk Capital Partners backs acquisition of Patisserie Valerie by Patisserie Holdings

2007: Acquires Druckers – Vienna Patisserie

2009: Acquires Baker & Spice, which operates sites in London and Oxford

2013: Acquires London-based organic bakery Flour Power City Bakery

2014: Acquires the Philpotts food supply and café chain

2014: Patisserie Holdings listed on Alternative Investment Market

2016: Annual sales exceed £100m for the first time

2017: Launches trial partnership with Sainsbury’s, selling branded products on 12 supermarket counters. Partnership is a success and has since been expanded to 70 stores.

2018

10 October (AM): Share trading suspended as company launches investigation into serious accounting irregularities. Chief financial officer Chris Marsh suspended.

10 October (PM): Winding-up petition filed at the High Court relating to £1.14m owed to HMRC by Stonebeach Limited, the company's principal trading subsidiary.

11 October: Patisserie Holdings reports it cannot continue to trade in its current form without immediate cash injection.

12 October: Chris Marsh arrested by police and released on bail.

15 October: Share offer raises £15.7m to help Patisserie Holdings continue trading, while chairman Luke Johnson provides £20m in loans.

24 October: Stonebeach winding-up order is dismissed.

26 October: Chris Marsh resigns from finance director role.

1 November: Former shareholder and chief executive of Druckers dismisses media reports that he is to acquire shares in Patisserie Holdings.

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