The Daily Telegraph is reporting that Patisserie Valerie has been bought by Irish private equity firm Causeway Capital Partners.

The paper reports that almost all of Patisserie Valerie’s 120 remaining branches are to be saved - preserving up to 2,000 jobs after a deal was struck at 3am this morning.

Current chief executive Steve Francis will remain on board, the paper reports.

Causeway Capital was founded in 2015. Its portfolio includes BB Bakers and Baristas, which operates 65 stores across the UK and Ireland.

It is understood that the locations will not be folded into BB Bakers and Baristas; Patisserie Valerie will continue to operate as a standalone entity.

An official announcement by KPMG and Causeway Capital is expected later this morning.