Patisserie Holdings PLC Patisserie Holdings PLC - CAKE Disposal (1566Q)

TIDMCAKE

RNS Number : 1566Q

Patisserie Holdings PLC

15 February 2019

Patisserie Holdings PLC - CAKE Disposal

For immediate release

15 February 2019

Patisserie Holdings plc

Disposal

Patisserie Holdings plc (AIM: CAKE) (PH or the Company) announces that yesterday evening it completed the sale of Baker & Spice to the Department of Coffee & Social Affairs for a total consideration of GBP2.5m. This follows the announcement of the Patisserie Valerie and Philpotts disposals, which were sold in separate transactions for a combined consideration of GBP13m. The remaining assets, which were not included in the three separate transactions, will be realised during the administrations. As previously announced, following the loss of its nominated adviser and the appointment of administrators, the Company is provisionally scheduled for cancellation with effect from 7:00am on 25 February 2019. In the circumstances no objection will be made to such cancellation and it is expected that this will proceed at the appointed time.

Note, the three separate disposals involved the sale of assets held across a number of entities within the Patisserie Valerie group, as detailed below:

- Patisserie Valerie sale - assets held in: Patisserie Holdings plc; Patisserie Valerie Holdings Limited; Patisserie Acquisition Limited; Stonebeach Limited; and, Flour Power City Limited;

   -     Philpotts sale - assets held in Philpotts Limited; 
   -     Baker & Spice sale - assets held in Stonebeach Limited and Spice Bakery Limited. 

Enquiries:

Patisserie Holdings plc KPMG contact Katy Broomhead tel: [phone]

David Costley-Wood, Joint administrator

Blair Nimmo, Joint administrator

The information contained in this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon publication of this announcement, this information is now considered to be in the public domain.

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February 15, 2019 02:00 ET (07:00 GMT)