Administrators to stricken cake chain Patisserie Valerie have sold off one of the firm’s sister brands Baker & Spice to the Department of Coffee & Social Affairs for £2.5 million.
Cake chain Patisserie Valerie has been bought out of administration by an Irish private equity firm, safeguarding nearly 2,000 jobs.
Patisserie Valerie has attracted queries from a number of bidders interested in buying the troubled business, administrators have said.
The under-fire accountants of collapsed cake chain Patisserie Valerie has admitted that auditors do not look for fraud.
List of closed Patisserie Valerie outlets:
Administrators to failed cake chain Patisserie Valerie have confirmed the closure of 71 stores, resulting in 920 redundancies.
Auditors can be wrongly blamed for accounting frauds that have led to corporate collapses such as Patisserie Valerie and have little chance of detecting wrongdoing, MPs have heard.
Patisserie Valerie has said it is still locked in talks with its lenders as the future of the cake chain remains in doubt amid an accounting scandal.
The deputy chairman of Patisserie Valerie has resigned a day after the group revealed the extent of an accounting scandal which pushed it close to collapse last year.
Patisserie Valerie has unveiled the “devastating” extent of the irregularities in its accounting, which included thousands of false entries into the company’s ledgers.
Another director has left the troubled parent of Patisserie Valerie, marking the latest change to the board in the wake of its brush with collapse last year.
Embattled cake chain Patisserie Valerie has said it is “determined” to put right its past mistakes after being questioned by MPs over supplier payments.
Shares in Brighton Pier Group, the leisure company chaired by Patisserie Valerie chief Luke Johnson, have plummeted on the news that profits will be lower than expected.
Patisserie Valerie has appointed a new interim finance chief as the cake chain attempts to bounce back from a tumultuous few months.
Continental cake shop chain Patisserie Valerie is set to open its first Dundee cafe.
A cafe chain which specialises in fancy cakes and coffee could soon open on Dundee’s High Street.