Patisserie Valerie collapse puts thousands of jobs in jeopardy

&Tab;&Tab;<div class&equals;"wpcnt">&NewLine;&Tab;&Tab;&Tab;<div class&equals;"wpa">&NewLine;&Tab;&Tab;&Tab;&Tab;<span class&equals;"wpa-about">Advertisements<&sol;span>&NewLine;&Tab;&Tab;&Tab;&Tab;<div class&equals;"u top&lowbar;amp">&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;<amp-ad width&equals;"300" height&equals;"265"&NewLine;&Tab;&Tab; type&equals;"pubmine"&NewLine;&Tab;&Tab; data-siteid&equals;"111265417"&NewLine;&Tab;&Tab; data-section&equals;"1">&NewLine;&Tab;&Tab;<&sol;amp-ad>&NewLine;&Tab;&Tab;&Tab;&Tab;<&sol;div>&NewLine;&Tab;&Tab;&Tab;<&sol;div>&NewLine;&Tab;&Tab;<&sol;div><p>Cake chain Patisserie Valerie has collapsed into administration&comma; putting 2&comma;800 jobs in the UK at risk&period;<&sol;p>&NewLine;<p>The firm said discussions with its lenders HSBC and Barclays to extend a standstill agreement on its debts had come to nothing&comma; leaving it with no option but to appoint KPMG as administrator&period;<&sol;p>&NewLine;<p>Its parent company Patisserie Holdings has been grappling with the fallout of an accounting fraud&period;<&sol;p>&NewLine;<p>It said this evening&colon; &OpenCurlyDoubleQuote;Patisserie Holdings plc announces today that&comma; as a direct result of the significant fraud referred to in previous announcements&comma; it has been unable to renew its bank facilities&comma; and therefore regrettably the business does not have sufficient funding to meet its liabilities as they fall due&period;”<&sol;p>&NewLine;<p>Patisserie Valerie trades from about 200 cafes&period;<&sol;p>&NewLine;<p>Chairman Luke Johnson has extended an unsecured&comma; interest-free loan to help ensure that the January wages are paid to all staff working in the ongoing business&comma; the company added&period;<&sol;p>&NewLine;<p>The loan will also assist the administrators in trading as many profitable stores as possible while a sale process is undertaken&period;<&sol;p>&NewLine;<p>Last week&comma; Patisserie revealed KPMG had been hired to carry out a review of all options following the accounting scandal which pushed it close to collapse last year&period;<&sol;p>&NewLine;<p>It also unveiled the &OpenCurlyDoubleQuote;devastating” extent of irregularities in its books&comma; which included thousands of false entries into the company’s ledgers&period;<&sol;p>&NewLine;<p>The firm said an initial investigation pointed to cashflow and profitability being worse than previously thought when the problem was first discovered in October&period;<&sol;p>&NewLine;<p>The discovery of a black hole in the company’s accounts in October last year pushed it into a crisis which saw it almost cease trading&period;<&sol;p>&NewLine;<p>A rescue plan was passed by shareholders in November&comma; resulting in the issue of £15m worth of new shares&period;<&sol;p>&NewLine;&Tab;&Tab;&Tab;<div style&equals;"padding-bottom&colon;15px&semi;" class&equals;"wordads-tag" data-slot-type&equals;"belowpost">&NewLine;&Tab;&Tab;&Tab;&Tab;<div id&equals;"atatags-dynamic-belowpost-68ed1202204d0">&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;<script type&equals;"text&sol;javascript">&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;window&period;getAdSnippetCallback &equals; function &lpar;&rpar; &lbrace;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;if &lpar; false &equals;&equals;&equals; &lpar; window&period;isWatlV1 &quest;&quest; false &rpar; &rpar; &lbrace;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&sol;&sol; Use Aditude scripts&period;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;window&period;tudeMappings &equals; window&period;tudeMappings &vert;&vert; &lbrack;&rsqb;&semi;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;window&period;tudeMappings&period;push&lpar; &lbrace;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;divId&colon; 'atatags-dynamic-belowpost-68ed1202204d0'&comma;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;format&colon; 'belowpost'&comma;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&rcub; &rpar;&semi;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&rcub;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&rcub;&NewLine;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;if &lpar; document&period;readyState &equals;&equals;&equals; 'loading' &rpar; &lbrace;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;document&period;addEventListener&lpar; 'DOMContentLoaded'&comma; window&period;getAdSnippetCallback &rpar;&semi;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&rcub; else &lbrace;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;window&period;getAdSnippetCallback&lpar;&rpar;&semi;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&rcub;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;<&sol;script>&NewLine;&Tab;&Tab;&Tab;&Tab;<&sol;div>&NewLine;&Tab;&Tab;&Tab;<&sol;div>


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