WORCESTER'S branch of cake chain Patisserie Valerie looks set to be safe after the business was bought out of administration by an Irish private equity firm.

Dublin-based Causeway Capital Partners has snapped up 96 Patisserie Valerie sites, including the shop in Broad Street.

Patisserie Valerie, which was chaired by businessman Luke Johnson, was put up for sale last month after collapsing following the discovery of fraudulent activity in its accounts.

Sports Direct tycoon Mike Ashley subsequently submitted a bid for the chain, but later withdrew it.

Causeway Capital's Matt Scaife said: "Patisserie Valerie is heritage brand, much loved by its loyal customers. This investment should mark the end of a turbulent period for customers and suppliers alike."

Patisserie Valerie chief executive Steve Francis said: "We are delighted to welcome Causeway Capital as our partners in Patisserie Valerie, ending a disruptive period of uncertainty for the business.

"The affection and loyalty for the brand among our customers and employees, and Causeway Capital's enthusiasm and support for the business, creates for us the foundations for an exciting future for the business. "