Fate of Leamington's Patisserie Valerie revealed
The fate of Leamington's branch of Patisserie Valerie has now been revealed following the annoucement that the businesses was going into administration.
This morning it was announced that administrators KPMG would be closing 70 branches and looking for buyers for the remaining 121 cafes that have stayed open.
The Leamington branch in the Royal Priors Shopping Centre is one of the many stores that have closed this morning.
Shutters to the store are down and a letter has been posted in the window explaining that the store has now closed.
Yesterday the cake chain firm said discussions with its lenders HSBC and Barclays to extend a standstill agreement had come to nothing, leaving it with no option but to go into administration.
Its parent company Patisserie Holdings has been grappling with the fallout of an accounting fraud.
On Tuesday they said: "Patisserie Holdings plc announces today that, as a direct result of the significant fraud referred to in previous announcements, it has been unable to renew its bank facilities, and therefore regrettably the business does not have sufficient funding to meet its liabilities as they fall due."
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 said.
The loan will also assist the administrators in trading as many profitable stores as possible while a sale process is undertaken.