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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.


The firm was unable to secure funding following an accountancy fraud scandal

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.


Over 3,000 jobs are at risk as the company goes bust

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.

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. 

Last week M&S announced another round of shop closures as part of a shake-up to the business to make it more profitable. 

Martha Agosto

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