Patisserie Valerie is saved

Patisserie Valerie Picture: LUCY TAYLOR

Patisserie Valerie Picture: LUCY TAYLOR

The future of the Patisserie Valerie cafes , including those in Ipswich, Bury Saint Edmunds, and Colchester looks to be secure this morning as it has now been bought out of administration.

The Irish private equity firm Causeway Capital Partners has swooped in just days after Mike Ashley pulled out of his bid to buy the chain.

The firm has been grappling with the fallout of an accounting fraud.

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Chairman Luke Johnson extended an unsecured, interest-free loan to help ensure that the January wages were paid to all staff working in the ongoing business, the company said.

But that didn’t stop the chain falling into administration - and being forced to close 71 stores late last month, including one inside the Debenhams in Chelmsford.

The Ipswich store is now recruiting for a chef and member of the management team.

Patisserie Valerie’s sister brand Philpotts has also been sold in a separate deal to A.F. Blakemore & Son Ltd, saving a further 21 stores which are mainly in the north and south west of the UK.