Patisserie Holdings has sold four Baker & Spice outlets to the Department of Coffee & Social Affairs (DoCASA) for £2.5m.
The four sites comprise: Belgravia, Chelsea, Maida Vale, Chelsea and in Selfridges on Oxford Street, with 68 employers transferred over to DoCASA. Baker and Spice’s Oxford store does not form part of the transaction and will close with immediate effect.
It follows the announcement of the Patisserie Valerie and Philpotts disposals, which were sold in separate transactions totalling £13m yesterday.
The remaining assets, which were not included in the three separate transactions, will be realised during the administrations.
Following the deals, Patisserie Holdings is scheduled for cancellation on 25 February.
Dave Costley-Wood, partner at KPMG and joint administrator, said: “Following the earlier sales today of Patisserie Valerie and Philpotts, we are pleased to conclude this deal which sees the highly-regarded London Baker & Spice stores transfer to Department of Coffee and Social Affairs.”
Matthew Gill, deputy chairman, Department of Coffee and Social Affairs, added: “We’re very excited to now own Baker and Spice, it’s a tremendous brand and the team are looking to build upon its success.”
Bake & Spice was created in 1995 and acquired by Patisserie Holdings in 2009.