February 28, 2019 / 1:26 PM / a year ago

Patisserie Valerie management placed on leave after rescue - FT

Feb 28 (Reuters) - Patisserie Valerie’s top management has been placed on leave two weeks after the collapsed cafe chain operator was bought out of administration, according to the Financial Times.

Chief Executive Officer Stephen Francis who was appointed in November of last year and former Starbucks executive Rhys Iley who joined as the chief commercial officer after an accounting scandal was unearthed at the company are both on leave, the Financial Times report said.

Patisserie Valerie was sold earlier this month to Irish private equity fund Causeway Capital and its Philpotts brand to food retailer A.F. Blakemore for 10 million pounds ($13.30 million) cash and a further 3 million pounds in future payments.

Causeway was not immediately available for a comment.

$1 = 0.7518 pounds Reporting by Tanishaa Nadkar in Bengaluru

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