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Patisserie Valerie Collapses Into Administration As Rescue Talks Fail

Troubled cake chain Patisserie Valerie has collapsed into administration after the failure of rescue talks with banks.

The High Street chain said on Tuesday that it did not have sufficient funds to meet its debts.
Administrators from KPMG have been appointed to run the chain and its various subsidiaries.

In October, Patisserie Valerie said it had uncovered "significant, and potentially fraudulent, accounting irregularities".

The company's biggest shareholder and chairman, Luke Johnson, had been in talks to extend a cash lifeline from HSBC and Barclays.

The company's statement said that Mr Johnson had personally extended an unsecured, interest-free loan to help ensure that the January wages are paid to all staff working in business.

"This loan will also assist the administrators in trading as many profitable stores as possible while a sale process is undertaken," the statement added.

In addition to Patisserie Valerie, the company's other brands include Druckers, Vienna Patisserie, and Baker & Spice.

There are 206 stores across the chain and more than 2,500 staff as of May 2018.

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