Milton Keynes jobs at risk following cafe chain collapse

Patisserie Valerie collapsed into administration yesterday after rescue talks with leaders HSBC and Barclays failed.

Wednesday, 23rd January 2019, 9:47 am
Updated Thursday, 7th February 2019, 6:34 pm
Patisserie Valerie has collapsed into administration

Administrators KPMG will close 70 outlets immediately, while the remaining 121, including the Milton Keynes branch, will continue trading in the hope of finding a buyer.

Jobs at Patisserie Valerie in The Centre have been left at risk following the collapse

The firm's parent company Patisserie Holdings has been grappling with the fallout of an accounting fraud.

Patisserie Valerie has collapsed into administration

A spokesman 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."

Chairman Luke Johnson has extended an unsecured, interest-free loan to help ensure that the January wages are paid to all staff working in the ongoing business, the company said. "The loan will also assist the administrators in trading as many profitable stores as possible while a sale process is undertaken."