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KPMG: Administration of Patisserie Valerie – Update

Birmingham / UK. (kpmg) The joint administrators of Patisserie Holdings PLC have confirmed the closure of a number of loss-making outlets including 27 Patisserie Valerie stores and 19 Druckers stores, KPMG UK announced on January 23. In addition, 25 Patisserie Valerie concessions in Debenhams, Next and at motorway service areas have closed, alongside the company’s bakery in Spitalfields.

Combined, these closures have resulted in 920 redundancies. The joint administrators and their team continue to provide all necessary support and assistance to those employees who have lost their jobs, including providing them with the information needed to apply for monies owed from the Redundancy Payments Service.

The remaining 122 outlets will continue to trade while the administrators seek a buyer for the business.

David Costley-Wood, partner at KPMG LLC and joint administrator, said on January 23: «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.»