Chain plans to create jobs in Yorkshire

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CAKE shop chain Patisserie Valerie is set to create jobs in Yorkshire by rolling out more stores after unveiling plans to raise £33m through a stock market flotation.

Paul May, the company’s chief executive, said there were “great opportunities” in Yorkshire, where the company already has stores in York, Sheffield and Leeds. The Yorkshire Evening Post understands that Harrogate is one area of possible expansion.

The business, which includes Druckers and Philpotts, believes it has significant growth potential, having developed from eight shops in 2006 to 138 today. It will use the proceeds of the proposed share placing to pay down debt, while the listing will enable existing shareholders to secure up to £55m. Entrepreneur and former Pizza Express chairman Luke Johnson is majority owner of the business after backing a management buy-out in 2006. He said the rapid progress made in recent years and the opportunities that lie ahead made it an “exciting time” for the company to join the stock market.The group’s portfolio includes 89 stores under the Patisserie Valerie brand, as well as 22 under the Druckers name in the Midlands and North West of England and 23 from the recent acquisition of sandwich chain Philpotts.There are three Patisserie Valerie stores in Leeds, and also outlets in York and Sheffield.Leeds also has two Philpotts stores.

John Foley of PTSG

PTSG’s results are set to be in line with board’s expectations