Patisserie Valerie shutting 71 branches while it looks for buyer to save chain
YESTERDAY cake chain Patisserie Valerie has collapsed into administration, putting more than 3,000 jobs at risk.
Today it has released details of 71 branches which will close while the adminstrators look for a buyer to save the chain.
Yesterday, the posh bakery brand 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.
Now it has confirmed that 71 stores - includes 25 concession branches will close, putting 920 out of a a job.
The remaining 122 outlets will continue to trade while a new buyer is found.
The cake firm's parent company Patisserie Holdings has been grappling with the fallout of an accounting fraud since October.
Yesterday it said that the extent of fraud meant it was unable to renew its bank loans and did not have sufficient funding to continue trading.
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, the company added.
The loan will also assist the administrators in trading as many profitable stores as possible while a sale process is undertaken.
Full list of branches marked for closure
| Basildon | Debenhams | The Eastgate Centre |
| Beverley | Debenhams | Unit 4 Flemingate Centre, Flemingate |
| Chelmsford | Debenhams | 27 High St |
| Edinburgh | Debenhams | 109 Princes Street |
| Glasgow | Debenhams | 97 Argyle Street |
| Hereford | Debenhams | Auctioneers Walk, The Old Market |
| Liverpool | Debenhams | 42 Lord Street |
| London | Debenhams | 10 Garratt Lane, Southside Shopping Centre, Wandsworth |
| London | Debenhams | Westfield Shopping Centre, Ariel Way |
| London | Debenhams | 334-348 Oxford Street |
| Middlesbrough | Debenhams | The Corner, 1 Newport Rd, |
| Newport | Debenhams | 1-7 Friars Walk Shopping Centre, John Frost Square |
| Oxford | Debenhams | 1-12 Magdalen Street, OX1 3AA |
| Redditch | Debenhams | Kingfisher Shopping Centre, 19 Watford Walk |
| Stevenage | Debenhams | Roaring Meg Retail Park |
| Telford | Debenhams | Telford Shopping Centre |
| Wigan | Debenhams | Unit 39 Grand Arcade Shopping Centre, Compton Street |
| Banbury | Druckers | Unit 28, Castle Quay Shopping Centre Castle Street |
| Birmingham | Druckers | Café 1, Upper Mall West |
| Birmingham | Druckers | 100 Great Western Arcade |
| Burton | Druckers | Centre Mall Café, Cooper Square Shopping Centre |
| Cheltenham | Druckers | Unit 28 Regent Arcade |
| Coventry | Druckers | 66 Hertford Street |
| Dudley | Druckers | Unit L78C Finance Mall Merry Hill Centre |
| Hanley | Druckers | Unit 230, The Mall Café The Potteries Shopping Centre |
| Leamington Spa | Druckers | Unit 35 Royal Priors |
| Leeds White Rose | Druckers | White Rose Shopping Centre South Mall |
| Leicester | Druckers | Fosse Park Food Court |
| Manchester | Druckers | 169 The Arndale Centre |
| Nottingham | Druckers | 218 Victoria Centre |
| Poole | Druckers | The Mall Café Dolphin Center |
| Redditch | Druckers | 25E Kingfisher Walk |
| Solihul | Druckers | 26 Jubilee Walk |
| Stratford Upon Avon | Druckers | 43 Henley Street |
| Tamworth | Druckers | 51 Ankerside Centre George Street |
| Wolverhampton | Druckers | 61 Dudley Street |
| Baldock | Motorway | Unit 3 Extra MSA Baldock, A1(M) Junction 10 |
| Beaconsfield | Motorway | UNIT 2, M40 Junction 2 |
| Cambridge | Motorway | A14 (M11) Cambridge, Boxworth |
| Peterbrough | Motorway | Great North Road, Haddon |
| Cheltenham | Next | 1A-1B, Gallagher Retail Park, Tewksbury Road |
| Hounslow | Next | Unit 1 Treaty Centre, 263-265 High Street |
| Manchester | Next | Unit 1C, Barton Square, Barton Dock Road |
| Manchester | Next | Unit 22 Manchester Fort Shopping Centre, Cheltenman Hill Rd |
| Bradford | Patisserie Valerie | The Broadway |
| Brighton | Patisserie Valerie | 36 East Street |
| Bristol | Patisserie Valerie | 57 Queens Road |
| Bury | Patisserie Valerie | 26-28 The Haymarket |
| CHESTER | Patisserie Valerie | 31, Bridge Street |
| Chippenham | Patisserie Valerie | Unit 1b Borough Parade |
| Cwmbran | Patisserie Valerie | 8 The Mall |
| Derby | Patisserie Valerie | 2 Crown Walk |
| Doncaster | Patisserie Valerie | Unit 100, 20 St Sepulchre Gate, Frenchgate Shopping Centre |
| Glasgow | Patisserie Valerie | B12 Glasgow Fort |
| Glasgow | Patisserie Valerie | 18-20 Royal Exchange Square |
| Gloucester | Patisserie Valerie | 4 Southgate Street |
| Leeds | Patisserie Valerie | Unit 2 Ground Floor, 8 St Pauls Street |
| Liverpool | Patisserie Valerie | Unit 1, 35 Whitechapel |
| London | Patisserie Valerie | 37 Brushfield Steet |
| London | Patisserie Valerie | 94 Holland Park Avenue |
| London | Patisserie Valerie | 44 Old Compton Street |
| London | Patisserie Valerie | 24-26 Turnham Green Terrace |
| London | Patisserie Valerie | 27 Kensington Church Street |
| London | Patisserie Valerie | 15 Bedford Street |
| London | Patisserie Valerie | 80 Long Acre |
| London | Patisserie Valerie | 215 Brompton Road |
| Manchester | Patisserie Valerie | 2-4 St Ann Street |
| Newcastle | Patisserie Valerie | 141 Grainger Street |
| Peterbrough | Patisserie Valerie | 2 Cathedral Square |
| Salisbury | Patisserie Valerie | 24 Butchers Row |
| Southport | Patisserie Valerie | 365 Lord Street |
David Costley-Wood, partner at KPMG and joint administrator, said: “Since our appointment less than 24 hours ago, we have been pleased with the level of interest we have received in the business, and so remain hopeful of achieving a positive outcome.
“In the meantime, we can reassure customers that across the remaining 122 stores, it is all but business as usual.”
Last week, Patisserie revealed KPMG had been hired to carry out a review of all options following the accounting scandal which pushed it close to collapse last year.
It also unveiled the "devastating" extent of irregularities in its books, which included thousands of false entries into the company's ledgers.
The firm said an initial investigation pointed to cashflow and profitability being worse than previously thought when the problem was first discovered in October.
The discovery of a black hole in the company's accounts in October last year pushed it into a crisis which saw it almost cease trading.
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A rescue plan was passed by shareholders in November, resulting in the issue of £15 million worth of new shares.
It follows news today that William Hill is planning to close half of its betting shops putting 4,500 jobs at risk.
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