The company behind Patisserie Valerie is about to become the latest company to brave an IPO: this morning Patisserie Holdings (which, lest we forget, is part owned by entrepreneur and MT columnist Luke Johnson) filed its intention to float on AIM, London's junior market.
The company - known for the creamiest cakes this side of MT's grandma's house - wants to raise £33m, which values the business at roughly £150m. The company also operates Philpotts sandwich chain and the Flour Power City Bakery. So even if shares don't rise, its bread will...
The group has 138 stores in the UK, and its most recent figures show it recorded 21% sales growth last year, with sales of £60m. Apparently it's looking at 250 potential sites for new cafes - suggesting growth is firmly on the agenda.
It needs to keep an eye out, though: recent flotations by retailers have been a mixed bag. While Poundland shares are down 4.6% since it floated in mid-March, McColl's have fallen 6.78% and Pets at Home's are down just over 9%. It's a dog-eat-dog world out there. Or dog-eat-creamcake. Although with veteran IPO-er Johnson to oversee the float, Patisserie Valerie is in the best possible position.