PATISSERIE VALERIE’S £100m CREAM TEA BONANZA

Patisserie Valerie was opened in 1926 in Frith Street, London by Belgian woman Madame Valerie

She came to London on a mission to introduce continental patisserie to the English

In the 1980s, it was bought from descendants of the founder by three brothers, Enzo, Robert and Victor Scalzo, who created a small chain

They sold their eight cafes and three London franchises to current chairman Luke Johnson in 2006

Under his stewardship it has grown to 184 cafes across the UK

Patisserie Valerie sold 133,000 afternoon teas last year

Its shares are up 40pc since it joined the stock market in 2014 making it worth £258m UPMARKET cream teas and luxury cakes helped sales at Patisserie Valerie top £100m for the first time.

The cafe chain sold 133,000 afternoon teas last year which generated sales of £2.3m compared to £1.2m in 2015.

Chief executive Paul May said teas were popular with customers in search of a ‘great British experience’, and said a festive variety would be launched in time for Christmas.

He said there had been little or no effect from Brexit, adding: ‘Our products are seen as affordable treats in times of uncertainty, and as a luxurious indulgence when celebrating.’ Chair- man Luke Johnson is also hoping for a tourism boost from America next summer, as holidaymakers take advantage of the weak pound. Patisserie Valerie has cafes in tourist hotspots across the UK, so is hoping to benefit.

The chain saw sales climb 13.3pc to £104.1m for the year to September 30, and profit jumped 14.5pc to £81.3m.

It marked the tenth consecutive year of revenue and profit growth, helping it announce a final dividend of 2p per share, up 20pc on last year. Patisserie Holdings, which also operates Druckers, Baker & Spice and Philpotts, opened 21 stores in the period and now has 184.