patisserie valerie liverpool -by rept0n1x

Three Patisserie Valerie stores on Merseyside to close, owners confirm

By Olivia Wagg

Bosses at Patisserie Valerie released the full list of stores set to be axed in the first wave of closures since it went into administration.

Liverpool and Southport are amongst the 70 cafés which will be closed immediately – placing many jobs at risk.

The termination of the company came after the board of the café chain admitted it needed “an immediate injection of capital” to survive.

The company said it had discovered a multi-million pound black hole in its accounts.

In a statement to the Stock Exchange, the company, which employs 3,000 staff and operates 200 outlets, said work implemented by forensic accountants had exposed that “the mis-statement of its accounts was extensive, involving very significant manipulation of the balance sheet and profit and loss accounts.”

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Luke Johnson, millionaire chairman of the business, was forced to put £20 million of his own money into the company to keep the business afloat.

The business – valued at an estimated £450 million – announced they are unsure if they are able to pay staff wages over the next coming weeks.

Merseyside is home to three stores – all of which will cease trading immediately.

The first Valerie store opened in the MetQuarter in 2016, before a second opened as a concession inside Liverpool ONE’s Debenhams.

A third can be seen in Southport’s Lord Street.

(Pic under licence by rept0n1x)

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