Patisserie Valerie has collapsed into administration (Image: GETTY) Hundreds of jobs have been made redundant across the cake and cafe business chain which has around 200 stores. Patisserie Valerie has been struggling after a £40million black hole was found in its finances – allegedly from “potentially fraudulent” accounting irregularities. Last week Patisserie Valerie said forensic accountants had found “thousands of false entries into the company’s ledgers”. Related articles Landlords are not so sweet on Patisserie Valerie Patisserie Valerie suspended finance chief arrested overnight Yesterday the firm revealed it discussions with its lenders HSBC and Barclays to extend a standstill agreement on its debts had come to nothing, leaving it with no option but to appoint KPMG as administrator. Its parent company Patisserie Holdings has been grappling with the fallout of an accounting fraud. It said: “Patisserie Holdings plc announces today that, as a direct result of the significant fraud referred to in previous announcements, it has been unable to renew its bank facilities, and therefore regrettably the business does not have sufficient funding to meet its liabilities as they fall due.” Patisserie Valerie trades from about 200 cafes. KPMG who have been appointed joint administrators of Patisserie Holdings plc have… Read full this story
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Patisserie Valerie COLLAPSES into administration – 920 jobs made redundant as cafes CLOSED have 261 words, post on www.express.co.uk at January 23, 2019. This is cached page on Vietnam Art News. If you want remove this page, please contact us.