Patisserie Valerie, which is backed by Irish private equity firm Causeway Capital, is to close nine sites that the company feels will “not recover sufficiently” following the pandemic.
The business said it, like many other operators in the hospitality sector, has faced a period of ‘unprecedented challenges’ in recent times, including temporary closures due to the pandemic. Despite this, many of its patisseries ‘have now recovered well, thanks to the hard work of our teams and the loyal support of customers’ but there are a handful that it feels will not recover sufficiently.
It is to close stores in Belfast Donegal Square, Belfast Castle Lane, Belfast Forestside, Victoria Station, Windsor, Dundee, Glasgow Central, Eastbourne and Exeter.
There will be approximately 95 patisseries and cafes in operation following the closures, the majority of which will be Bakers + Baristas sites. Patisserie Valerie and Bakers + Baristas were merged in 2020, although they continue to operate under their respective brands.
Patisserie Valerie will also continue to operate its direct to consumer online nationwide cake delivery service and national wholesale partnership with Sainsbury’s.
After the closures, the group’s VP Retail Limited subsidiary will cease to trade. Patisserie Valerie is being advised on this matter by chartered accountants, James Cowper Kreston and the closures will not affect any of the rest of the group’s business which will continue as usual, it said.
“Whilst closing stores is never an easy decision to take, we are confident this is the right thing to do to ensure the group is in a stronger position to continue investing and delivering the high quality experience our customers rightly expect in these challenging times,” said CEO James Fleming.
