Someone is icing a huge sponge cake with the words "THANK FUCK" as we speak, because Patisserie Valerie has been saved.
The dessert chain had already ballsily declined an offer from Sports Direct's Mike Ashley, known as the only person still willing to put money into the UK high street (he's already rescued Evans Cycles and House of Fraser, owns bits of Debenhams, Game and French Connection and tried to rescue HMV but didn't in the end).
Ashley offered £15m for the chain, but was told they wouldn't take less than £17m. He took two days to ponder and then pulled out, at which point it looked like it was all over.
However, Sky News reports that an Irish company called Causeway Capital Partners has bought the company, although Patisserie Valerie's administrators KPMG have yet to confirm the deal.
Image: Tony Monblat via Flickr CC
The new owners include some of the original Patisserie Valerie management team, and they're apparently planning to keep every last branch (96 of them) open across the country. Which seems... inadvisable in the current climate, but then we've never run a cake shop, so we'll kindly assume they know what they're doing. KPMG had already closed 70 branches.
The firm went into administration last month after a whole load of financial shenanigans were uncovered, rather than because no one likes cake anymore. That'll never happen.
Main image: Bryansjs via Flickr CC