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'Numerous options' for Patisserie Valerie rescue deal

PUBLISHED: 10:44 04 February 2019 | UPDATED: 10:44 04 February 2019

Patisserie Valerie in Norwich's city centre, Picture: Archant

Patisserie Valerie in Norwich's city centre, Picture: Archant

Archant

Cake chain Patisserie Valerie looks to be steering into calmer waters, as it announced it has a number of options on the table having put itself up for sale.

The troubled chain’s administrators have said that proposals from prospective buyers range from purchase of the entire business, to smaller parts of it.

The chain has stores in Norwich and Bury St Edmunds, both of which are still trading.

Some outlets haven’t been so lucky, with 70 stores closing and resulting in 920 redundancies.

MORE: Patisserie Valerie to stay open

David Costley-Wood, partner at KPMG and joint administrator, said: “We are encouraged by the scope of offers received from trade and finance buyers for all and for parts of the business. We will now be taking a number of these offers forward, and hope to be able to make progress in short order.

“We’d like to thank employees, suppliers, creditors and also Patisserie Valerie’s loyal customers for their invaluable support in helping us to continue to trade the business over the last two weeks.”

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

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

MORE: Patisserie Valerie’s finance chief arrested overnight, with chain on the brink of collapse
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.

However the loan did not cover payments for former staff made redundant by the closures, leaving many out of pocket for their January wages.

A spokesperson for the joint administrators said: “We recognise this is a very difficult time for those members of staff who have lost their jobs, and are providing them with support, including assisting with claims to the Redundancy Payments Service.”

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