Patisserie Valerie CEO Steve Francis departs business

Patisserie Valerie CEO Steve Francis has reportedly left the company, following its buyout by Ireland-based Causeway Capital Partners.

Francis has departed alongside group commercial director Rhys Iley, The Times reported. The pair had been with the bakery chain for four and three months respectively.

Causeway declined to comment on the reports when contacted by The Caterer, but Francis confirmed his departure when asked by the Financial Times.

Francis and Iley had been brought in to lead the company through an administration and overhaul of its offering.

Patisserie Valerie was purchased out of administration earlier this month. The deal saw Causeway take on its remaining 96 branches. A.F. Blakemore & Son separately acquired subsidiary, Philpotts, with the two deals having a combined value of £13m.

At the time Francis had said: "We are delighted to welcome Causeway Capital as our partners in Patisserie Valerie, ending a disruptive period of uncertainty for the business."

The collapse of Patisserie Valerie followed the discovery of "significant, and potentially fraudulent, accounting irregularities" in October 2018.

Patisserie Valerie sold to Irish private equity firm>>

Rhys Iley appointed as Patisserie Valerie group commercial director amid executive overhaul>>