The future of cafe chain Patisserie Valerie, which has a Swindon branch in the Outlet Village, is hanging in the balance after the discovery of suspected financial irregularities.
The business, which employs 2,500 staff, was rocked by the news this week that ‘significant and potentially fraudulent accounting irregularities’ had been uncovered - with the firm announcing that it needed ‘an immediate injection of capital’ to continue trading in its current form.
The cafe’s parent company Patisserie Holdings released a statement saying: “The company, in conjunction with its professional advisers, has during the last 24 hours, undertaken further investigation into the financial status of the company.
“The board has now reached the conclusion that there is a material shortfall between the reported financial status and the current financial status of the business.
“Without an immediate injection of capital, the directors are of the view that that is no scope for the business to continue trading in its current form.”
Patisserie Valerie trades from more than 200 stores and also has a partnership with Sainsbury’s, with branded counters present in the supermarket.
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