PATISSERIE VALERIE’S SWEET £20M PROFIT

PATISSERIE Valerie’s owner has enjoyed a bumper year after profits rose 17pc to £20.2m.

Despite many High Street retailers reporting a tougher market over the last few months, Patisserie Holdings continued to expand the cafe chain. Twenty stores were opened and a partnership agreed with Sainsbury’s to supply 18 of the supermarket’s bakery counters with cakes.

Patisserie Holdings, which also owns food brands Philpotts and Baker & Spice, said it was focused on making sure customers enjoyed their visits to shops to keep them coming back.

Luke Johnson, executive chairman, said a weaker pound after the Brexit vote had been a bonus for its cafes in locations popular with tourists, such as London and York.

Revenue leapt by 10pc to £113.2m while earnings were 16pc higher at £25.6m. Online sales were particularly strong rising by 26pc to £4.8m.