Patis­serie Va­lerie to fold with­out fresh cap­i­tal

The Irish Times - Business - - MARKETS -

Patis­serie Va­lerie could col­lapse into ad­min­is­tra­tion as soon as this morn­ing as time runs out to find a res­cuer for the stricken cake chain.

The group’s par­ent firm Patis­serie Hold­ings is­sued a stock mar­ket up­date yes­ter­day say­ing that it will cease trad­ing with­out an “im­me­di­ate” cash in­jec­tion af­ter dis­cov­er­ing a ma­jor black hole in its fi­nances. If chair­man Luke John­son, the group’s ma­jor­ity share­holder, or an­other res­cuer does not step for­ward with emer­gency funds overnight, the firm will be forced to ap­point ad­min­is­tra­tors. Mr John­son, a se­rial en­tre­pre­neur, is the largest share­holder in Patis­serie Hold­ings with a 37 per cent stake. PwC, which is work­ing with the firm on its fi­nan­cial po­si­tion, is the most likely to carry out the in­sol­vency, but sev­eral other cor­po­rate un­der­tak­ers are also thought to be wait­ing. – PA

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