Patisserie Valerie reveals which London cafes are set to close as timeline charts cafe chain's collapse

Patisserie Valerie Chain Faces Crisis Over £20million Hole In Finances
A total of nine Patisserie Valerie branches have been shut down in London (Source: Getty)

Administrators have closed 71 stores owned by Patisserie Holdings after the firm collapsed in late January, resulting in 920 redundancies.

A total of nine Patisserie Valerie branches have been shut down in London, with a further three Debenhams concessions closed.

Read more: Patisserie Valerie shareholders consider legal action after company collapses

The firm’s two Glasgow stores have been shuttered, along with branches in Manchester, Leeds, Liverpool and Newcastle.

Administrators at KPMG, who were appointed on 22 January after the high street bakery chain failed to come to an agreement with its lenders, said they were “pleased with the level of interest” they have received in the business.

In total, 27 Patisserie Valerie stores, 19 Druckers stores and 25 Patisserie Valerie concessions in Debenhams, Next and at motorway service stations have closed, alongside the company’s bakery in Spitalfields.

Read more: Patisserie Valerie enters administration after bank talks fail

David Costley-Wood, partner at KPMG and joint administrator, said: “Since our appointment less than 24 hours ago, we have been pleased with the level of interest we have received in the business, and so remain hopeful of achieving a positive outcome.

“In the meantime, we can reassure customers that across the remaining 122 stores, it is all but business as usual.”

Here are all the London Patisserie Valerie outlets that are closing:

All the London Patisserie Valerie stores set to close (Source: City A.M.)

Store Location
Debenhams 10 Garratt Lane, Southside Shopping Centre, Wandsworth
Debenhams Westfield Shopping Centre, Ariel Way
Debenhams 334-348 Oxford Street
Patisserie Valerie Unit 1, 35 Whitechapel
Patisserie Valerie 37 Brushfield Street
Patisserie Valerie 94 Holland Park Avenue
Patisserie Valerie 44 Old Compton Street
Patisserie Valerie 24-26 Turnham Green Terrace
Patisserie Valerie 27 Kensington Church Street
Patisserie Valerie 15 Bedford Street
Patisserie Valerie 80 Long Acre
Patisserie Valerie 215 Brompton Road

And here's a timeline charting Patisserie Valerie's collapse:

10 October: Patisserie Valerie discovers blackhole - suspends shares and CFO

12 October: Chairman Luke Johnson loans cake shop £20m

1 November: Shareholders vote to pass emergency share issue

15 November: CEO steps down

22 January: Chain collapses with store closures coming

Tuesday 9 October: Patisserie Valerie discovers shock £20m hole in accounts.

Wednesday 10 October: The cake maker withdraws its shares from AIM, suspends CFO Chris Marsh and warns investors of “significant, and potentially fraudulent, accounting irregularities” that have “impacted the company's cash position and may lead to a material change in its overall financial position.”

Friday 12 October: Chris Marsh is arrested and released on bail, as Serious Fraud Office (SFO) opens an investigation into fraud at the company.

Chairman and Pizza Express ex-owner Luke Johnson loans £20m to cover hole as the cake shop issues 30m ordinary shares to raise £15m.

Thursday 1 November: Extraordinary meeting of shareholders vote on rescue measures to dilute the value of shares as it issue new ones to raise more cash.

Monday 15 November: Chief executive Paul May steps down and is replaced by turnaround specialist Stephen Francis, the former chief executive of pork producer Tulip.

Monday 19 November: The cafe chain is given until 18 January 2019 to agree a loan facility with lenders.

Wednesday 16 January: “Devastating” balance sheet manipulation revealed, with thousands of fraudulent entries made in ledgers before missing sum, now discovered to be £40m, was noticed.

Tuesday 22 January: Patisserie Valerie collapses into administration after failed negotiations with creditors.

Wednesday 23rd January: KPMG closes 71 Patisserie Valerie branches as 920 out of 3,000 employees are made redundant. “Business as usual” to continue in remaining 122 outlets.