Patisserie Valerie has collapsed into administration (Image: GETTY)
Around 3,000 jobs are said to be at risk across the cake and cafe business chain. It coms after a £40m black hole was found in its finances – alleged from “potentially fraudulent” accounting irregularities. Last week Patisserie Valerie said forensic accountants had found “thousands of false entries into the company’s ledgers”.
Today 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
