A deal has been struck to bring coffee and cake chain Patisserie Valerie out of administration, saving around 2,000 jobs.

The business fell into administration in January after an accounting scandal saw its parent company Patisserie Holdings collapse.

Investment firm Causeway Capital has backed Patisserie Valerie's management team buy-out of 96 UK stores, while sister chain Philpotts' 21 stores were bought in a separate deal. In total, the pair were bought for just £13 million.

Patisserie Valerie's chief executive, Steve Francis, said the deal brings "a disruptive period of uncertainty for the business" to an end.

Mr Francis and the rest of the management team revealed that they would own "more than the usual 10% [of Patisserie Valerie], but nowhere near control".

The Serious Fraud Office is conducting a criminal investigation into both Patisserie Valerie and its former finance director Chris Marsh. Marsh was arrested and released on bail after a series of serious accounting irregularities were uncovered in October.