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East Anglia Future 50

Patisserie Valerie to stay open

PUBLISHED: 10:11 23 January 2019 | UPDATED: 10:57 23 January 2019

Nick Ansell/PA Wire

Nick Ansell/PA Wire

PA Wire/PA Images

Patisserie Valerie is not planning to immediately close its stores in the region.

Stores in Norwich and Bury St Edmunds will be opening as usual for the time being.

A staff member at the Norwich branch confirmed that the cafe on Davey Place would not be closing imminently: “As far as we know, we are remaining open for now - we’re not one of the 70 cafes closing immediately.”

The cake chain said discussions with its lenders HSBC and Barclays to extend a standstill agreement on its debts had failed, leaving it with no option but to appoint KPMG as administrator. The move puts 3,000 jobs at risk across the country.

Blair Nimmo, head of restructuring at KPMG and joint administrator, said: “Our intention is to continue trading across the profitable stores, as collectively the brands have a strong presence on the high street and have proven very popular with consumers.

“At the same time, we will be seeking a buyer for the business and are hopeful of a good level of interest.

“Unfortunately, however, we have had to take the difficult decision to close 70 stores resulting in a significant number of redundancies.

“We will be working with those affected employees, providing all support and assistance they need.”

The cake firm’s parent company Patisserie Holdings has been grappling with the fallout of an accounting fraud since October.

It said the extent of fraud meant it was unable to renew its bank loans and did not have sufficient funding to continue trading.

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