Patisserie Valerie
A United Kingdom cake and patisserie business operating cafés, online delivery, wholesale supply and food-service channels.
Last updated November 2, 2026
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Overview
Patisserie Valerie is a United Kingdom cake and patisserie business with roots in Soho, London. Its proposition combines French-style cakes, pastries, savouries and café service with online ordering, click-and-collect, wholesale distribution and food-service supply. The business is especially associated with handmade celebration cakes and an ornate patisserie-café format, although its contemporary operating model extends beyond traditional high-street cafés. The brand was established in 1926 at the junction of Dean Street and Old Compton Street in Soho by Esther van Gyseghem, who was born in Ostend, Belgium, and her husband, Theophile Vermeirsch. Esther became known as Madame Valerie, even though the founders’ family history does not establish a person named Valerie. The original premises were damaged by bombing during the Second World War, after which the business reopened nearby on Old Compton Street. Esther continued to run the business until her retirement in 1965. The Scalzo brothers acquired the business in 1987 and developed it from a small historic operation into a wider chain, adding branches including locations in Piccadilly and Kensington. In 2006, Risk Capital Partners, associated with investor Luke Johnson, acquired the controlling interest. Under that ownership the business expanded rapidly across British towns and cities, growing from fewer than ten shops to nearly 200 cafés, concessions and related sites by 2017. It also entered Ireland through a location in Debenhams at Blanchardstown Centre. Patisserie Valerie announced plans in 2014 to raise capital through a London Alternative Investment Market listing. The listed parent, Patisserie Holdings, later became the subject of a severe accounting crisis. Trading in its shares was suspended in October 2018 after the discovery of suspected accounting irregularities and a material gap between reported and actual financial conditions. The company disclosed previously unreported overdrafts and warned that it needed immediate funding to continue. A proposed rescue involving a loan from Luke Johnson and a new share issue temporarily supported the business, but negotiations with banks failed. In January 2019, Patisserie Holdings entered administration. Around 70 sites closed immediately, including the two historic Soho branches, and approximately 900 jobs were lost. KPMG administrators subsequently sold the operating assets and business to a management team backed by Causeway Capital. The transaction preserved a substantial part of the café network and separated the surviving Patisserie Valerie operations from the failed listed group. Causeway later combined the chain with its Bakers & Baristas business while maintaining separate consumer-facing brands. The post-administration business has pursued a more diversified and less purely estate-driven model. It has reduced and reshaped its physical network, invested in selected refurbishments, strengthened click-and-collect and direct-to-consumer cake delivery, and expanded its online range to include wedding cakes, vegan cakes, gifts and coffee subscriptions. A wholesale partnership with Sainsbury’s began rolling out in 2021, and the brand launched an Amazon store in 2024. The surviving business therefore operates through a combination of cafés, e-commerce, retail partnerships and wholesale or food-service supply. Its public history remains closely connected to the 2018 accounting scandal and the restructuring that followed, while its current positioning emphasizes heritage, celebration cakes, accessible luxury and café hospitality.
History
Patisserie Valerie traces its history to 1926, when Esther van Gyseghem and Theophile Vermeirsch established a patisserie at the corner of Dean Street and Old Compton Street in Soho, London. Van Gyseghem was born in Ostend, Belgium and became known as Madame Valerie. The origin of the name is not fully documented: accounts from the founders’ family indicate that there was no Valerie in the family, suggesting that the name was an honorific or commercial identity rather than a direct family reference. The original Soho premises were damaged during the Second World War. After a short period in Norfolk, the business reopened nearby on Old Compton Street and continued operating there for decades. Theophile Vermeirsch died in 1947, after which Esther ran the business independently until retiring in 1965. Family testimony indicates that she subsequently sold the business to an Italian businessman in Soho, although other historical accounts have attributed the founding to the Fonteyn family. The available history therefore contains some unresolved differences over ownership and attribution in the early period. The Scalzo brothers acquired Patisserie Valerie in 1987 from descendants of the founder and expanded it to nine branches. The chain added prominent London locations, including Piccadilly and Kensington. In 2006, Luke Johnson’s Risk Capital Partners acquired a controlling stake. Johnson’s background in rolling out food and drink concepts supported a more aggressive expansion strategy. The chain grew from approximately eight shops in 2006 to 192 shops and concessions by May 2017. It also opened its first Irish site in 2017 in Debenhams at Blanchardstown Centre. The expansion period culminated in plans for a 2014 flotation on the London Alternative Investment Market. The proposed fundraising was intended in part to reduce debt. The listed parent, Patisserie Holdings, continued to operate a large café and concession estate, supported by the brand’s reputation for cakes, pastries, savouries and celebration products. The group’s growth was interrupted in October 2018 when trading in its shares was suspended following the discovery of potentially fraudulent accounting irregularities. The company reported a material difference between its published financial position and its current condition. Unreported overdrafts of almost £10 million were subsequently reported, intensifying concerns about the group’s cash position. Hertfordshire police arrested a man on suspicion of fraud by false representation, and the Serious Fraud Office opened an investigation into an individual connected with the company. The company proposed emergency financing, including a loan from Luke Johnson and a share placing, but the measures did not resolve the underlying crisis. On 22 January 2019, the group entered administration after talks with banks failed. The company attributed the collapse directly to the significant fraud. Approximately 70 of nearly 200 stores and concessions closed immediately, including both original Soho flagship sites, and around 900 jobs were lost. The collapse also generated scrutiny of the group’s audit arrangements. The Financial Reporting Council investigated Grant Thornton’s audits for the relevant reporting periods. The audit firm was later fined £2.3 million after findings that it had missed warning signs and failed to sufficiently challenge information supplied by management. Joint liquidators also announced a damages claim relating to audits of group companies’ financial statements between 2014 and 2017. In February 2019, KPMG administrators agreed a management buyout backed by Causeway Capital Partners. The buyer paid £5 million for the assets and business of nearly 100 cafés employing roughly two-thirds of the group’s approximately 3,000 workers. The transaction rescued a substantial operating business but did not preserve the former listed corporate structure. AF Blakemore & Son separately acquired the Philpotts sandwich-shop business that had formed part of the wider group. The new owners pursued a smaller and more diversified operating model. In 2020, Causeway merged Patisserie Valerie with Bakers & Baristas, while allowing each brand to retain its own identity and in-store proposition. The physical estate was reduced from 96 sites to 75 during this process. Further closures were announced in 2022, leaving approximately 95 sites across the combined Patisserie Valerie and Bakers & Baristas operations. From 2020 onward, the brand increasingly emphasized digital ordering and distribution. It expanded click-and-collect, launched nationwide online cake delivery, and added wedding cakes, vegan cakes, gifts and coffee subscriptions. A wholesale partnership with Sainsbury’s began rolling out in 2021 and was later extended to other food-service operators. In 2024, Patisserie Valerie opened an Amazon store. A major refurbishment at Cribbs Causeway in 2023 used a refreshed palette and design references to the brand’s 1920s Soho heritage. The modern business consequently combines cafés with e-commerce, wholesale and food-service channels, while continuing to trade under the Patisserie Valerie name.
- 2024
Amazon store launched
[1]The brand launches an Amazon store offering a selection of its online cakes.
- 2023
Serious Fraud Office charges four suspects
[1]The SFO charges four people in connection with alleged inflation of cash balances and false documentation supplied to auditors.
- 2021
Sainsbury’s wholesale rollout begins
[1]Selected Patisserie Valerie cakes become available through many Sainsbury’s stores.
- 2020
Online cake shop launched
[1]Patisserie Valerie expands click-and-collect and launches nationwide direct-to-consumer online cake ordering.
- 2019
Listed group enters administration
[1]Patisserie Holdings collapses into administration, with site closures and substantial job losses.
- 2019
Causeway-backed management buyout completed
[1]A Causeway Capital-backed management team acquires the surviving Patisserie Valerie operating business from administrators.
- 2018
Shares suspended amid accounting crisis
[1]Trading in Patisserie Holdings shares is suspended after suspected accounting irregularities and a major cash shortfall emerge.
- 2017
Network reaches approximately 192 sites
[1]The group reports a network of approximately 192 shops and concessions and opens its first Irish location.
- 2014
AIM fundraising plan announced
[1]The company announces plans to raise capital on London’s Alternative Investment Market, partly to reduce debt.
- 2006
Risk Capital Partners acquires control
[1]Luke Johnson’s Risk Capital Partners acquires a controlling stake and accelerates the chain’s expansion.
Products and positioning
A heritage-led, accessible-premium British patisserie and café brand focused on handmade celebration cakes, French-style pastries, café occasions and multi-channel convenience.
Cakes
Celebration and birthday cakes
The brand’s core product category consists of handmade celebration cakes, especially birthday cakes and other occasion-led designs. Customers can purchase cakes in cafés or order them online for delivery across the United Kingdom. This category supports both impulse café purchases and planned events, giving the business a product line suited to retail, direct-to-consumer and wholesale channels.
Patisserie · 1926
French-style pastries and fancy cakes
Patisserie Valerie is associated with French-style pastries, tarts and other decorated cakes sold through its patisserie cafés and online channels. These products express the brand’s historic positioning and provide individual portions as well as larger sharing formats. The range is designed around visual presentation, café consumption and premium everyday treats.
Celebration cakes
Wedding cakes
Wedding cakes form part of the expanded online cake offer. They extend the brand beyond everyday café purchases into planned event catering and higher-value celebration occasions.
Special-diet cakes
Vegan cakes
Vegan cakes are included in the brand’s expanded online product range, providing an option for customers seeking cakes made without animal-derived ingredients.
Café food
Savouries and café food
Alongside sweet products, the cafés have offered savoury food and other café items. This broader menu supports daytime visits and makes the physical sites hospitality destinations rather than cake-only shops.
Beverages
Coffee and subscriptions
Coffee products and coffee subscriptions are part of the brand’s later online and café-oriented offer. They encourage repeat purchasing and broaden the relationship with customers beyond occasional cake orders.
Gifting
Gift products
Gift products complement cakes and pastries in the online shop, allowing the brand to serve gifting occasions that do not necessarily require an in-person café visit.
Controversies
2023
Serious Fraud Office prosecution
The Serious Fraud Office charged Christopher Marsh, Louise Marsh, Pritesh Mistry and Nileshkumar Lad with conspiracy connected to alleged inflation of cash figures in company accounts and annual reports and the provision of false audit documentation.
2021
Grant Thornton fined over Patisserie Valerie audits
The Financial Reporting Council fined Grant Thornton over its audits of Patisserie Valerie from 2015 to 2017, saying they missed red flags and failed to challenge the cafe chain's management. The regulator reduced the fine from £4 million to £2.34 million due to mitigating factors.
2020
Audit scrutiny and Grant Thornton sanction
The Financial Reporting Council investigated Grant Thornton’s audits of Patisserie Holdings. Grant Thornton was later fined £2.3 million after findings that it had missed warning signs and failed to sufficiently challenge information supplied by management.
2019
Collapse into administration
After banks failed to reach an agreement with the company, Patisserie Holdings entered administration. Around 70 locations closed and approximately 900 jobs were lost.
2018
Patisserie Holdings accounting irregularities
The listed parent suspended its shares after discovering potentially fraudulent accounting irregularities and a material gap between its reported financial position and its actual condition. The company later disclosed previously unreported overdrafts and sought emergency funding.
Brand decisions
2021
Expansion into supermarket wholesaleStrategyBackground
The post-administration business aimed to diversify distribution beyond its own cafés and website.
Action taken
A wholesale partnership with Sainsbury’s began rolling out selected Patisserie Valerie cakes in stores.
Aftermath
The wholesale offer was later extended to additional food-service operators.
2020
Combination with Bakers & BaristasStrategyBackground
Causeway Capital sought to consolidate its café businesses after acquiring Patisserie Valerie from administration.
Action taken
Causeway merged Patisserie Valerie with Bakers & Baristas while retaining separate trading brands and in-store propositions.
Aftermath
The combined operation continued with a reduced estate and a multi-brand café structure.
2020
Nationwide direct-to-consumer cake shopProduct launchBackground
The business sought to reduce reliance on physical cafés and serve customers during a period when retail and hospitality conditions were changing.
Action taken
Patisserie Valerie enhanced click-and-collect and launched a nationwide online cake shop.
Aftermath
The online offer was subsequently expanded with wedding cakes, vegan cakes, gifts and coffee subscriptions.
2019
Management buyout from administrationM&ABackground
The listed group had entered administration after the accounting crisis and failed bank negotiations, putting the surviving cafés and jobs at risk.
Action taken
KPMG agreed to sell the operating assets and business to a management team funded by Causeway Capital Partners.
Aftermath
Nearly 100 cafés continued operating under new ownership, while the former listed corporate structure was not preserved.
Purchase price. £5 million for the Patisserie Valerie operating business (February 2019)
2018
Emergency rescue financingStrategyBackground
The company reported that its financial position was materially weaker than previously published and warned that it could not continue without immediate capital.
Action taken
The proposed rescue comprised a £20 million loan from Luke Johnson and a placing of approximately 31.45 million shares at 50 pence each.
Aftermath
The plan temporarily prevented an immediate bankruptcy but did not avert the group’s eventual administration in January 2019.
Emergency financing. £20 million loan proposed; approximately £15.7 million gross share proceeds proposed (October 2018)
2014
Plan to raise capital through AIMStrategyBackground
The expanding group sought additional capital and intended to use part of the proposed fundraising to reduce debt.
Action taken
Patisserie Holdings announced plans for a £33 million fundraising on London’s Alternative Investment Market.
Aftermath
The group later became embroiled in an accounting crisis that resulted in share suspension and administration.
Planned fundraising. £33 million proposed (2014)
Recent events
Grant Thornton fined over Patisserie Valerie audits[2]
Reported:
The Financial Reporting Council fined Grant Thornton over its audits of Patisserie Valerie from 2015 to 2017, saying they missed red flags and failed to challenge the cafe chain’s management. The regulator reduced the fine from £4 million to £2.34 million due to mitigating factors.
- Unconfirmed
Patisserie Valerie launches click-and-collect service[3]
Reported:
Patisserie Valerie teamed up with mobile ordering firm Wi5 to launch a click-and-collect service, initially available at 42 of its UK sites.
Patisserie Valerie announces a new autumn/winter menu[4]
Reported:
Patisserie Valerie announced that its new autumn/winter menu would launch on 31 October, featuring dishes including croque monsieur, vegetarian chilli, venison and cranberry stew bowls, and new desserts created with chef Reshmi Bennett.
Patisserie Valerie unveils blue-and-gold branding[4]
Reported:
Causeway Capital Partners unveiled blue-and-gold branding for the Patisserie Valerie bakery chain. Updated packaging was being introduced at 12 central London sites that week, with a rollout to the chain's remaining cafes planned by year-end.
Sources5 sources
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