{"id":3140,"date":"2018-10-11T13:01:08","date_gmt":"2018-10-11T13:01:08","guid":{"rendered":"http:\/\/www.styledeals.co.uk\/blog\/patisserie-valerie-warns-on-brink-of-collapse\/"},"modified":"2018-10-11T13:01:08","modified_gmt":"2018-10-11T13:01:08","slug":"patisserie-valerie-warns-on-brink-of-collapse","status":"publish","type":"post","link":"https:\/\/www.styledeals.co.uk\/blog\/patisserie-valerie-warns-on-brink-of-collapse\/","title":{"rendered":"Patisserie Valerie warns on brink of collapse"},"content":{"rendered":"\n<div property=\"articleBody\">\n<figure class=\"media-landscape no-caption full-width lead\"><span class=\"image-and-copyright-container\"><\/p>\n<p>                <img loading=\"lazy\" decoding=\"async\" class=\"js-image-replace\" alt=\"Patisserie Valerie cakes\" src=\"https:\/\/ichef.bbci.co.uk\/news\/320\/cpsprodpb\/7999\/production\/_103792113_patisserie_valerie_getty.jpg\" width=\"976\" height=\"549\"\/><span class=\"off-screen\">Image copyright<\/span><br \/>\n                 <span class=\"story-image-copyright\">Getty Images<\/span><\/p>\n<p>            <\/span><\/p>\n<\/figure>\n<p class=\"story-body__introduction\">The owner of Patisserie Valerie has said the chain needs &#8220;an immediate injection of capital&#8221; to continue trading in its current form.<\/p>\n<p>The stark statement to investors comes after the firm uncovered &#8220;significant, and potentially fraudulent, accounting irregularities&#8221;.<\/p>\n<p>It also belatedly discovered HMRC filed a winding-up petition against one of its principal subsidiaries a month ago and is seeking \u00a31.14m in taxes.<\/p>\n<p>The firm has more than 2,500 staff.<\/p>\n<p>The company announced earlier this week that finance director Chris Marsh had been suspended.<\/p>\n<hr class=\"story-body__line\"\/>\n<h2 class=\"story-body__crosshead\">Patisserie Holdings<\/h2>\n<ul class=\"story-body__unordered-list\">\n<li class=\"story-body__list-item\">It has five brands: Patisserie Valerie, Druckers &#8211; Vienna Patisserie, Philpotts, Baker &amp; Spice and Flour Power City.<\/li>\n<li class=\"story-body__list-item\">Now, there are 206 stores across the chain and more than 2,500 staff as of May 2018.<\/li>\n<li class=\"story-body__list-item\">It was floated on the AIM stock market, for smaller companies, in 2014.<\/li>\n<li class=\"story-body__list-item\">The first first Patisserie Valerie caf\u00e9 was opened on Frith Street in London&#8217;s Soho district in 1926.<\/li>\n<li class=\"story-body__list-item\">In 1987 the Scalzo family bought the Old Compton Street store and ran the business.<\/li>\n<li class=\"story-body__list-item\">In 2006, Luke Johnson&#8217;s Risk Capital Partners bought a majority stake when it had eight stores.<\/li>\n<\/ul>\n<hr class=\"story-body__line\"\/>\n<p>It its statement on Thursday, the firm said that over the past 24 hours it had &#8220;undertaken further investigation into the financial status of the company&#8221;.<\/p>\n<p>The board found &#8220;a material shortfall between the reported financial status and the current financial status of the business&#8221;.<\/p>\n<p>&#8220;Without an immediate injection of capital, the directors are of the view that that is no scope for the business to continue trading in its current form,&#8221; it continued.<\/p>\n<p>The company said its &#8220;professional advisers are assessing all options available to the business to keep it trading and will update the market in due course&#8221;.<\/p>\n<\/p><\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/www.bbc.co.uk\/news\/business-45824285\">Source<\/a> by <a href=\"\">[author_name]<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Image copyright Getty Images The owner of Patisserie Valerie has said the chain needs &#8220;an immediate injection of capital&#8221; to continue trading in its current form. The stark statement to investors comes after the firm uncovered &#8220;significant, and potentially fraudulent, accounting irregularities&#8221;. It also belatedly discovered HMRC filed a winding-up petition against one of its &hellip; <\/p>\n","protected":false},"author":0,"featured_media":3141,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-3140","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general"],"_links":{"self":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/posts\/3140","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=3140"}],"version-history":[{"count":0,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/posts\/3140\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/media\/3141"}],"wp:attachment":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=3140"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=3140"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=3140"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}