Patisserie Valerie fights for survival
Cake chain Patisserie Valerie is facing a fight for survival after receiving a winding up petition over unpaid taxes and potentially fraudulent accounting irregularities.
Parent firm Patisserie Holdings said it has received a winding up petition for its principal trading unit Stonebeach. It relates to £1.14m owed to HMRC and was filed at the High Court of Justice, Companies Court.
The winding up hearing is scheduled for October 31 and Patisserie Holdings said it is in communication with HMRC as it scrambles to “understand better the financial position of the group”.
It caps a dramatic day for the firm, which earlier saw its shares suspended following the discovery of an accounting black hole.
Patisserie Holdings said it has been notified of “significant, and potentially fraudulent, accounting irregularities” and a potential material misstatement of its accounts.