Patisserie Valerie

File:Patisserie Valerie, Sutton High Street, Sutton, Surrey, Greater London.JPG branch in Sutton High Street]]

According to Helene (Leni) Vermeirsch, the niece of the founders, Patisserie Valerie was first opened in 1926 on the corner of Dean Street and Old Compton Street in Soho, London by Esther van Gyseghem, born in Ostend, Belgium on 22 April 1900 and her husband Theophile (Theo) Vermeirsch. There is not known to have been a Valerie in the founders' families, but Esther came to be referred to as Madame Valerie. Theo died in 1947, and Esther ran Patisserie Valerie alone until she retired in 1965. Leni Vermeirsch thinks that her aunt sold the business to an Italian businessman based in Soho. The Soho Clarion magazine said that the Fonteyn family founded Patisserie Valerie; there is some evidence of them in Soho and in the catering business.{{cite web |url=https://www.bbc.co.uk/news/business-47094831 |title=Patisserie Valerie: Unravelling the history of the café chain |website=BBC News |date=6 February 2019 |author=Ben Morris |access-date=6 February 2019 |archive-date=6 February 2019 |archive-url=https://web.archive.org/web/20190206042030/https://www.bbc.co.uk/news/business-47094831 |url-status=live }} Patisserie Valerie remained at its original location until it was bombed out during World War II, and reopened in nearby Old Compton Street after Theo and Esther spent a short time in Norfolk.{{cite news|last=Whitehead|first=Jennifer|url=http://www.brandrepublic.com/news/593433/C4-chairman-Johnson-buys-stake-Patisserie-Valerie/?DCMP=ILC-SEARCH|title=C4 chairman Johnson buys stake in Patisserie Valerie|newspaper=Brand Republic|date=20 September 2006|access-date=28 July 2011|archive-date=24 September 2012|archive-url=https://web.archive.org/web/20120924133233/http://www.brandrepublic.com/news/593433/C4-chairman-Johnson-buys-stake-Patisserie-Valerie/?DCMP=ILC-SEARCH|url-status=live}}

In May 2020, Patisserie Valerie enhanced its online click and collect offering and launched a nationwide direct to consumer online cake shop.

Patisserie Valerie's online cake product offering has been expanded since to include wedding cakes, vegan cakes, gift products and coffee subscriptions. In 2024, Patisserie Valerie launched an Amazon store with a selection of online cakes.

A selection of Patisserie Valerie's cakes are available in many Sainsbury's stores following a wholesale partnership rolled out in 2021. This wholesale offering has been expanded to include other foodservice operators.

In 2023, Patisserie Valerie completed a major refurbishment of its patisserie in Cribbs Causeway which included a refreshed colour palette and design touches to reflect the brands history in 1920's Soho.

The Scalzo brothers bought it in 1987 from descendants of the founder, and grew the business to nine branches, including shops in Piccadilly and Kensington.{{cite web|url=http://bakeryinfo.co.uk/news/archivestory.php/aid/1077/Patisserie_Valerie_set_for_new_growth.html|title=Patisserie Valerie set for new growth|work=Bakery Info|date=29 September 2006|access-date=10 December 2014|archive-date=10 December 2014|archive-url=https://web.archive.org/web/20141210231758/http://bakeryinfo.co.uk/news/archivestory.php/aid/1077/Patisserie_Valerie_set_for_new_growth.html|url-status=dead}}{{cite news|url=https://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/10700271/Sunday-interview-Patisserie-Valeries-Luke-Johnson.html|title=Sunday interview: Patisserie Valerie's Luke Johnson|last=Quinn|first=James|date=15 March 2014|newspaper=The Daily Telegraph|access-date=29 November 2015|archive-date=8 December 2015|archive-url=https://web.archive.org/web/20151208203352/http://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/10700271/Sunday-interview-Patisserie-Valeries-Luke-Johnson.html|url-status=live}} In 2006, Luke Johnson's Risk Capital Partners acquired the Scalzo brothers' controlling stake in the company.{{cite news |last=Anderson |first=Elizabeth |date=27 November 2015 |title=Afternoon tea boosts profits at Patisserie Valerie |url=https://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/12020440/Afternoon-tea-boosts-profits-at-Patisserie-Valerie.html |access-date=29 November 2015 |newspaper=The Daily Telegraph |archive-date=2 October 2016 |archive-url=https://web.archive.org/web/20161002203752/http://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/12020440/Afternoon-tea-boosts-profits-at-Patisserie-Valerie.html |url-status=live }} At the time of the acquisition, Luke Johnson said: {{blockquote|We have significant experience of rolling out successful food and drink concepts, including Pizza Express, Strada and Giraffe. Patisserie Valerie is a much-loved institution with tremendous heritage. We are confident there are many upscale locations across Britain's cities that would love the authentic pastries, cakes and savouries supplied by Patisserie Valerie.}}

The chain has expanded rapidly since 2006, growing from eight shops in 2006 to 192 as of May 2017. It opened its first shop in Ireland in 2017, in Debenhams in Blanchardstown Centre.{{Cite news |last=Gerrard |first=Bradley |date=17 May 2017 |title=Patisserie Valerie eyes more overseas stores after Irish expansion |url=https://www.telegraph.co.uk/business/2017/05/17/patisserie-valerie-eyes-overseas-stores-irish-expansion/ |access-date=9 November 2017 |newspaper=The Daily Telegraph}}

Leni Vermeirsch said when Patisserie Valerie was struggling in early 2019 "What ended up being called Patisserie Valerie did not bear any resemblance to the original one".

In April 2014 the company announced plans to raise £33m on the London Alternative Investment Market, using the sum to reduce its debt.{{cite news|url=https://www.bbc.co.uk/news/business-27128273|title=Patisserie Valerie firm plans share flotation|date=23 April 2014|publisher=BBC News|access-date=29 November 2015|archive-date=25 September 2015|archive-url=https://web.archive.org/web/20150925145046/http://www.bbc.co.uk/news/business-27128273|url-status=live}}

Trading in the shares of Patisserie Holdings, the parent company of Patisserie Valerie, were suspended on 10 October 2018 following the discovery of potentially fraudulent accounting irregularities, which had led to the possibility that there had been a material mis-statement of the company's accounts. It was widely reported in the press that there was a multimillion pound black hole in the company's accounts. Luke Johnson, the company chairman, said: "We are all deeply concerned about this news and the potential impact on the business".{{cite news |url=https://www.theguardian.com/business/2018/oct/10/patisserie-valerie-shares-suspended-over-accounting-black-hole |title=Patisserie Valerie shares suspended over '£20m accounting black hole' |work=guardian.com |publisher=Guardian News and Media Limited |date=10 October 2018 |access-date=10 October 2018}}{{cite news |url=https://www.standard.co.uk/news/uk/patisserie-valerie-shares-suspended-over-multimillion-pound-black-hole-in-its-accounts-a3958226.html |title=Patisserie Valerie shares suspended over multi-million pound black hole in its accounts |work=London Evening Standard |date=10 October 2018 |access-date=10 October 2018 |archive-date=10 October 2018 |archive-url=https://web.archive.org/web/20181010213807/https://www.standard.co.uk/news/uk/patisserie-valerie-shares-suspended-over-multimillion-pound-black-hole-in-its-accounts-a3958226.html |url-status=live }}

In October 2018 the company announced that there was a material shortfall between the reported financial status and the current financial status of the business and that without an immediate injection of capital the directors were of the view that there would be no scope for the business to continue trading in its current form.{{cite web|url=https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/CAKE/13825482.html |title=Patisserie Holdings plc - Further trading update|publisher=London Stock Exchange |date=11 October 2018|archive-url=https://web.archive.org/web/20181011214814/https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/CAKE/13825482.html|archive-date=11 October 2018}} Following the announcement, Hertfordshire police issued a statement that: "A 44-year old man from St Albans has been arrested on suspicion of fraud by false representation. He has been released under investigation." It was widely reported that the individual concerned was Chris Marsh, the firm's finance director.{{cite news|url=https://www.theguardian.com/business/2018/oct/12/finance-director-of-crisis-hit-patisserie-valerie-arrested-chris-marsh |title=Patisserie Valerie chairman pumps in £20 million to stave off collapse |work=The Guardian |access-date=6 December 2018}}{{cite news |url=https://news.sky.com/story/crisis-hit-patisserie-valerie-finance-chief-arrested-by-police-11524081 |title=Patisserie Valerie finance chief Marsh arrested amid fraud probe |work=Sky News |access-date=6 December 2018 |archive-date=14 October 2018 |archive-url=https://web.archive.org/web/20181014164915/https://news.sky.com/story/crisis-hit-patisserie-valerie-finance-chief-arrested-by-police-11524081 |url-status=live }} The Serious Fraud Office announced on its website that it had opened an investigation into an individual at the company.{{cite web |url=https://www.sfo.gov.uk/2018/10/12/patisserie-holdings-plc/ |title=Patisserie Holdings PLC - Serious Fraud Office |publisher=Sfo.gov.uk |date=12 October 2018 |access-date=6 December 2018 |archive-date=14 October 2018 |archive-url=https://web.archive.org/web/20181014131717/https://www.sfo.gov.uk/2018/10/12/patisserie-holdings-plc/ |url-status=live }} Later that day the company announced details of a rescue plan under which it would borrow £20 million from Johnson{{cite web|url=https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/CAKE/13827568.html |title=Trading update and proposed placing - RNS |publisher=London Stock Exchange |access-date=6 December 2018}} and place 31,451,100 ordinary shares at 50 pence to raise new capital of approximately £15.7m before payment of expenses.{{cite web|url=https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/CAKE/13827697.html |title=Patisserie Holdings PLC - Results of Placing to raise approximately £15.7m|publisher=London Stock Exchange |date=12 October 2018|archive-url=https://web.archive.org/web/20181012214528/https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/CAKE/13827697.html|archive-date=12 October 2018}} The rescue plan prevented the imminent bankruptcy of the company and subsequent loss of 2,500 jobs, but was criticised in The Daily Telegraph as being against the interests of smaller shareholders.{{cite news |url=https://www.telegraph.co.uk/business/2018/10/13/30m-rescue-deal-ignored-patisserie-valerie-bosses/ |title=£30m rescue deal ignored by Patisserie Valerie bosses |work=The Daily Telegraph |date=13 October 2018 |access-date=6 December 2018 |archive-date=15 October 2018 |archive-url=https://web.archive.org/web/20181015014138/https://www.telegraph.co.uk/business/2018/10/13/30m-rescue-deal-ignored-patisserie-valerie-bosses/ |url-status=live }}

On 14 October it was reported that two unauthorised and unreported overdrafts of almost £10 million had been discovered.{{Cite news|url=https://www.thetimes.com/article/patisserie-valeries-secret-overdrafts-xdn0l7dl6|title=Patisserie Valerie's secret overdrafts|last=Shah|first=Oliver|date=14 October 2018|work=The Sunday Times|access-date=14 October 2018|language=en|issn=0956-1382}}

On 22 January 2019, the firm announced that it had collapsed into administration following failed talks with banks, which the company stated was a "direct result of the significant fraud".{{cite news | url=https://www.bbc.co.uk/news/business-46965761 | title=Patisserie Valerie collapses into administration | date=22 January 2019 | archive-date=22 January 2019 | access-date=22 January 2019 | archive-url=https://web.archive.org/web/20190122172610/https://www.bbc.co.uk/news/business-46965761 | url-status=live }} The collapse will lead to the immediate closure of 70 of the nearly 200 stores and concessions operated by the group - including both of its original flagship branches in Soho - leading to the loss of around 900 jobs.{{cite news |last1=Butler |first1=Sarah |last2=Wood |first2=Zoe |date=22 January 2019 |title=Patisserie Valerie falls into administration as bank talks fail |url=https://www.theguardian.com/business/2019/jan/22/patisserie-valerie-administration-cafe-chain |work=The Guardian |location=London |access-date=22 January 2019}}

In November 2018 the Financial Reporting Council (FRC) had launched an investigation into accountant Grant Thornton's audit of Patisserie Valerie. In November 2020 the Joint Liquidators said: "We can confirm that the joint liquidators of companies within the Patisserie Valerie Group have issued a claim for damages against Grant Thornton in respect of their audits of the group companies' financial statements for the financial periods 30 September 2014 to September 2017 inclusive", as the findings of the investigation were awaited.{{Cite news |title=Grant Thornton hit with legal challenge over collapse of Patisserie Valerie |last=Uttley |first=Hannah |newspaper=The Telegraph |date=20 November 2020 |url=https://www.telegraph.co.uk/business/2020/11/20/grant-thornton-hit-legal-challenge-collapse-patisserie-valerie/ |archive-date=28 November 2020 |access-date=29 November 2020 |archive-url=https://web.archive.org/web/20201128222647/https://www.telegraph.co.uk/business/2020/11/20/grant-thornton-hit-legal-challenge-collapse-patisserie-valerie/ |url-status=live }} Following the investigation, Grant Thornton was fined £2.3m because it had "missed red flags" and failed to "question information provided by management".{{Cite news |title=Grant Thornton fined £2.3m for Patisserie Valerie scandal |newspaper=BBC News |date=29 September 2021 |url=https://www.bbc.co.uk/news/business-58671915 }}

On the 13th of September 2023, the Serious Fraud Office (United Kingdom) (SFO) charged four suspects relating to the fraud investigation of the collapse of the company which led to more than 900 jobs and 70 sites subsequently lost, the suspects named as Christopher Marsh, who formerly served as Patisserie Holdings' chief financial officer, his account wife Louise Marsh, financial controller Pritesh Mistry and financial consultant Nileshkumar Lad. "The SFO has charged all four suspects with conspiring to inflate the cash in Patisserie Holdings' balance sheets and annual reports from 2015 to 2018, including by providing false documentation to the company's auditors," the statement read, the four, booked to appear in Westminster Magistrates Court in October for their criminal fraud trial. {{Cite news |title=Patisserie Valerie - Four People Face Fraud Charges Over Bakery Chain's Collapse |work=Sky News |date=13 September 2023 |url= https://news.sky.com/story/patisserie-valerie-four-people-face-fraud-charges-over-bakery-chains-collapse-12960495 }}

On 14 February 2019 Patisserie Valerie announced its administrators, KPMG, had concluded an agreement for a management buyout funded by Causeway Capital Partners to acquire the assets and business of the chain from administration, paying £5m for nearly 100 cafes employing some two-thirds of the 3,000 workers. AF Blakemore & Son, the largest operator of UK Spar convenience stores, also acquired 21 Philpotts sandwich shops that were part of the Patisserie Valerie group; both acquisitions together totalled £13m. New managing director Paolo Peretti planned to spend more than £1m to revamp about 30 of its cafes, and to open a few new sites the following year.{{Cite news |title=Patisserie Valerie saved in buyout backed by Irish private equity firm |last=Butler |first=Sarah |newspaper=The Guardian |date=14 February 2019 |url=https://www.theguardian.com/business/2019/feb/14/patisserie-valerie-saved-in-buyout-backed-by-irish-private-equity-firm-causeway-capital |archive-date=30 March 2020 |access-date=14 February 2019 |archive-url=https://web.archive.org/web/20200330081455/https://www.theguardian.com/business/2019/feb/14/patisserie-valerie-saved-in-buyout-backed-by-irish-private-equity-firm-causeway-capital |url-status=live }}{{Cite news |title=Putting butter back in the pastry: Patisserie Valerie's road to recovery |last=Butler |first=Sarah |newspaper=The Guardian |date=12 December 2019 |url= https://www.theguardian.com/business/2019/dec/12/patisserie-valerie-cafe-cake-shop-chain-collapse-road-to-recovery-paolo-peretti}}

In March 2020, Causeway Capital merged the Patisserie Valerie chain (trimmed from 96 sites to 75) with its Bakers & Baristas business; stores would continue operating under their individual brands and retain their existing in-store offerings.{{cite news |last1=Bamford |first1=Vince |title=Patisserie Valerie is merged with Bakers & Baristas |url=https://bakeryinfo.co.uk/finance/patisserie-valerie-is-merged-with-bakers-andamp-baristas/627120.article |access-date=30 December 2020 |work=British Baker |date=9 March 2020 |archive-date=27 January 2021 |archive-url=https://web.archive.org/web/20210127174337/https://bakeryinfo.co.uk/finance/patisserie-valerie-is-merged-with-bakers-andamp-baristas/627120.article |url-status=live }}

In September 2022, the firm announced that an additional nine sites would close, leaving approximately 95 Patisserie Valerie and Bakers & Baristas sites operating.{{Cite web |last=North |first=Amy |date=2022-09-01 |title=Patisserie Valerie to close nine sites |url=https://bakeryinfo.co.uk/retail/patisserie-valerie-to-close-nine-sites/671003.article |access-date=2023-01-15 |website=British Baker |language=en}}

{{reflist|30em}}

• {{official|https://www.patisserie-valerie.co.uk}}

{{UK Food}}

Category:Belgian emigrants to the United Kingdom

Category:British companies established in 1926

Category:Coffeehouses and cafés in London

Category:Coffeehouses and cafés in the United Kingdom

Category:Companies that have entered administration in the United Kingdom

Category:Restaurant franchises

Category:Restaurants established in 1926