Stratford's Patisserie Valerie among chain's closures - The Stratford Observer

Stratford's Patisserie Valerie among chain's closures

Stratford Editorial 23rd Jan, 2019 Updated: 23rd Jan, 2019   0

The PATISSERIE Valerie store in Stratford has closed.

A sign in the window of the Henley Street cafe confirmed its permanent closure.

It follows the announcement yesterday (Tuesday) by Patisserie Holdings plc, that the chain had gone into administration.

Administrators KPMG has closed 70 outlets  immediately, while the remaining 121 will continue trading while efforts are made to find a buyer.

A full list of stores affected is expected to be announced today.

The chain employs around 3,000 staff.

A £3million loan has been secured by shareholder and chairman Luke Johnson to extend the lifeline of existing stores and help cover January’s wages.

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 collapse follows the discovery in October of ‘significant and potentially fraudulent’  irregularities in the company’s accounts.

The former cafe – opposite Shakespeare’s childhood home – has already been earmarked for the venue of a new ‘destination cafe and restaurant’ known as ‘Will’s Kitchen’.

The plan is part of a joint project by Shakespeare’s Birthplace Trust and Stratford District Council for a major visitor-friendly facelift of Stratford’s most famous street.


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