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Ex-Druckers boss refutes Patisserie Valerie rumours

first_imgThe former shareholder and chief executive of Druckers has dismissed media reports that he is planning to make an offer or acquire shares in Patisserie Valerie.Restaurateur David Scott issued a statement following news stories that suggested he was sounding out shareholders about a possible takeover of the café chain, which bought Druckers in 2007.“Despite the media reports, I have not appointed nor do I intend to appoint, a company to liaise with shareholders on my behalf and I have no interest in making an offer for or acquiring shares in Patisserie Valerie or any related companies,” said Scott.Earlier this month the crisis-hit business discovered serious accounting irregularities and admitted it needed a £20m capital injection to avoid calling in administrators.Last week Patisserie Holdings, which operates more than 150 Patisserie Valerie outlets and around 50 sites under other brands, announced that Chris Marsh had resigned from his position as finance director.Patisserie HoldingsTotal number of sites: 206 *Brands: Patisserie Valerie (153 sites), Philpotts (22), Druckers (20), Baker and Spice (4), Flour Power City Bakery (1)Employees: 3,200Food/drink split (2017): 57/43Eat in/takeaway split (2017): 65/35Turnover: £60.5m (six months to 31 March 2018)EBITDA: £13.6m (six months to 31 March 2018)HQ location: BirminghamKey management: Paul May, CEO; Luke Johnson, chairmanPatisserie Holdings has a vertical supply chain, producing goods in-house at seven bakeries and delivering them to stores. Products are also sold online.Since acquiring the Patisserie Valerie business in 2006, the business has expanded rapidly through acquisitions and openings to more than 200 sites. In its current financial year, the business has been aiming to open 20 stores.Timeline1926: First Patisserie Valerie café opened in Frith Street in London’s Soho by Madame Valerie to introduce Continental-style patisserie to the English1939-1945: Café destroyed by bombing in Second World War, and Madame Valerie opens new Patisserie Valerie on nearby Old Compton Street1945-2005: Patisserie Valerie grows to eight sites in central London2006: Luke Johnson’s private equity firm Risk Capital Partners backs acquisition of Patisserie Valerie by Patisserie Holdings2007: Acquires Druckers – Vienna Patisserie2009: Acquires Baker & Spice, which operates sites in London and Oxford2013: Acquires London-based organic bakery Flour Power City Bakery2014: Acquires the Philpotts food supply and café chain2014: Patisserie Holdings listed on Alternative Investment Market2016: Annual sales exceed £100m for the first time2017: Launches trial partnership with Sainsbury’s, selling branded products on 12 supermarket counters. Partnership is a success and has since been expanded to 70 stores.201810 October (AM): Share trading suspended as company launches investigation into serious accounting irregularities. Chief financial officer Chris Marsh suspended.10 October (PM): Winding-up petition filed at the High Court relating to £1.14m owed to HMRC by Stonebeach Limited, the company’s principal trading subsidiary.11 October: Patisserie Holdings reports it cannot continue to trade in its current form without immediate cash injection.12 October: Chris Marsh arrested by police and released on bail.15 October: Share offer raises £15.7m to help Patisserie Holdings continue trading, while chairman Luke Johnson provides £20m in loans.24 October: Stonebeach winding-up order is dismissed.26 October: Chris Marsh resigns from finance director role.1 November: Former shareholder and chief executive of Druckers dismisses media reports that he is to acquire shares in Patisserie Holdings.last_img read more

Gobert, Favors hurt in Jazz win over Celtics

first_imgUtah Jazz’s Rudy Gobert (27) kneels on the floor beside teammate Derrick Favors (15) during the first quarter of an NBA basketball game against the Boston Celtics in Boston, Friday, Dec. 15, 2017. Gobert left the game with a knee injury after Favors fell backward into his leg on the play. (AP Photo/Michael Dwyer)BOSTON — The Utah Jazz broke out of a slump that has been plaguing them during their current road trip.But it came at the cost of two of their starters — one possibly for an extended period.ADVERTISEMENT Ricky Rubio had 22 points, Donovan Mitchell added 17 points, nine assists and five rebounds, and the Utah Jazz beat the Boston Celtics 107-95 on Friday night.Jonas Jerebko and Rodney Hood also finished with 17 points for the Jazz, who snapped a four-game losing streak. It was Utah’s first victory in Boston since 2008, a span of nine games.FEATURED STORIESSPORTSTim Cone, Ginebra set their sights on elusive All-Filipino crownSPORTSGinebra beats Meralco again to capture PBA Governors’ Cup titleSPORTSAfter winning title, time for LA Tenorio to give back to Batangas folk It took everything the Jazz had to make it to the end of the game.Jazz center Rudy Gobert left early in the first quarter with a left knee injury after teammate Derrick Favors fell backward into his leg. Gobert was able to walk off the court on his own power, but went straight to the locker room and did not return. Meralco ‘never the same’ after Almazan injury in PBA Finals The Celtics struggled from the field in the second quarter, shooting a combined 4 for 21.HAYWARD RETURN?Hayward is open to playing this season, but said it will depend on how fast he is able to heal and show progress as he works his way back.“My mind is open to that,” Hayward said of the possibility of returning to game action before season’s end. “I’m trying to get back as fast as I can. It all depends on how I heal, and taking it day-by-day, goal by goal. We’ll see what happens.”Wednesday marked a milestone in Hayward’s recovery process, when he was able to shed the walking boot he’s been using since his surgery in October. He continues to wear a protective brace.NO HARD FEELINGSSnyder said no one feels any animosity over Hayward’s decision to leave Utah.“I think everybody understands the decision that he made,” Snyder said. “So to see him get hurt, it was hard. I felt horrible for him. I think most of the guys on our team reached out. I know I did. … We hope that he’s back soon.”MORRIS UPDATEMarcus Morris (knee soreness) sat out his fourth straight game and won’t travel for the upcoming two-game trip. Morris has played in just 16 games this season while dealing with the injury and recently sought a second opinion on it. Steam emission over Taal’s main crater ‘steady’ for past 24 hours “He’s had a little bit of a setback here, but it doesn’t sound like it’s going to be a long-term thing,” Celtics coach Brad Stevens said.UP NEXTJazz: Continue six-game trip Saturday at Cleveland.Celtics: Begin two-game trip Friday at Memphis.Sports Related Videospowered by AdSparcRead Next Lights inside SMX hall flicker as Duterte rants vs Ayala, Pangilinan anew LATEST STORIES Scottie Thompson also worthy of Finals MVP, thinks Cone Redemption is sweet for Ginebra, Scottie Thompson Westbrook triple-double keys OKC in 3OT thriller vs 76ers The second quarter brought more injuries. First, Boston’s Daniel Theis left with a facial injury. Later, the Celtics’ Jaylen Brown caught Favors with an incidental elbow, leaving him bleeding from his left eye and Brown from his elbow. Favors received six stitches and did not return.“That’s a team win. Everybody stepped up,” Rubio said. “We know that we have a lot of players who can play, and they were ready.”Coach Quin Snyder said Favors passed the concussion protocol. Gobert will be evaluated Saturday.“This group’s got character and they are going to compete no matter what the circumstances and they did,” Snyder said.Boston got no closer than eight points in final quarter.ADVERTISEMENT OSG plea to revoke ABS-CBN franchise ‘a duplicitous move’ – Lacson OSG plea to revoke ABS-CBN franchise ’a duplicitous move’ – Lacson MOST READ Kyrie Irving led the Celtics with 33 points. Al Horford added 21 points and seven assists. Boston lost for the third time in five games.“I gotta give Utah credit, because they grinded the game and they made tough shot after tough shot,” Horford said. “They kind of, like, took the life out of you in a way.”Friday was the first meeting between the teams since Gordon Hayward left Utah in free agency last summer to join the Celtics. But Hayward could only watch as he continues to rehab from the broken left ankle he suffered in Boston’s season opener.Joe Johnson returned to game action for the first time since Oct. 30. He missed 21 straight games while dealing with a right wrist injury.TIP-INSJazz: G Raul Neto sat out his second straight game with a concussion.Celtics: It was Irving’s ninth game this season with 30 or more points. … Started the second quarter 0 for 14 from the field.TAKING CONTROLThe Jazz held a 46-39 lead at the half. They were led by Rubio and Hood, who scored 12 and 11 points, respectively, and shot a combined 10 for 13 from the field.The Jazz led by as many as 10 in the half and outscored the Celtics 25-13 in the second quarter. Jiro Manio arrested for stabbing man in Marikina Brian Heruela arrival bolsters Phoenix backcourt, defense Don’t miss out on the latest news and information. Carpio hits red carpet treatment for China Coast Guard PLAY LIST 02:14Carpio hits red carpet treatment for China Coast Guard02:56NCRPO pledges to donate P3.5 million to victims of Taal eruption00:56Heavy rain brings some relief in Australia02:37Calm moments allow Taal folks some respite03:23Negosyo sa Tagaytay City, bagsak sa pag-aalboroto ng Bulkang Taal01:13Christian Standhardinger wins PBA Best Player award View commentslast_img read more