Gateley secures role on Patisserie Valerie administration
Listed law firm advising on latest high street company collapse
January 23, 2019 at 07:50 AM
2 minute read
Gateley has taken a leading role on the administration of UK café chain Patisserie Valerie, as the high street company joins throes of others to hit difficulties.
The collapse follows its parent company Patisserie Holdings' discovery of a £40m accounting black hole last autumn.
Following those financial difficulties, the company filed for administration yesterday (22 January).
KPMG is acting as the company's administrators, with listed law firm Gateley advising the accountant.
In a statement to the stock exchange yesterday, Patisserie Holdings said: "As a direct result of the significant fraud referred to in previous announcements, it has been unable to renew its bank facilities, and therefore regrettably the business does not have sufficient funding to meet its liabilities as they fall due."
The company has closed 70 Patisserie Valerie stores with immediate effect, with 900 staff losing their jobs. The future of the 121 remaining stores remains unclear as the company searches for a buyer.
Gateley previously advised Patisserie Valerie in 2013, when the company opened several takeaway stores in London. Birmingham-based real estate partner James White and corporate partner Tom Durrant advised on that expansion.
The company is one of many within the retail sector to have faced difficulties within the past year. Burger chains Gourmet Burger Kitchen and Byron filed for CVAs last year, while Gaucho steakhouse then filed for administration.
Elsewhere in retail, HMV entered administration earlier this month, with Addleshaw Goddard and Howard Kennedy advising. High street stalwarts New Look, Mothercare and House of Fraser have also all undergone restructuring in recent months.
Photo credit: Flickr
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