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Patisserie Valerie may also Close Shop

The cafe chain Patisserie Valerie, established in 1926, is on the verge of collapse as boss Luke Johnson provides a £20 million package as part of a rescue plan. Earlier in the week, the board had discovered a ‘secret’ overdraft, which they previously did not realize they had, totaling £9.7 million. The Her Majesty’s Revenue and Customs (HMRC)  has also issued a wind-up petition against one of Patisserie Valerie’s main subsidiary’s, Stonebeach, over an unpaid tax bill of £1.1 million. Only three months ago the company announced that profits for the first half of the year were up.

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