New owners say firm back on track after takeover unearthed butter ban, broken ovens and unpaid suppliers
Patisserie Valerie’s new owner has laid bare the desperate state of the business it bought in January, including a cost-cutting approach so severe that managers stopped using butter in the cake chain’s puff pastry.
The private equity firm that bought the company out of administration for just £5m described its shock at finding broken ovens, unpaid suppliers, and a leak in the roof at a key bakery site.
Related: Patisserie Valerie ex-chair says he was tricked by false picture of company's health
Continue reading...from Mergers and acquisitions | The Guardian http://bit.ly/2Kp2lUS
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