Cafe chain Patisserie Valerie warns it is on brink of collapseÂ

Cafe chain Patisserie Valerie '“ which has branches in Doncaster and Sheffield '“ has warned it is on the brink of collapse.

Thursday, 11th October 2018, 4:18 pm
The chain has branches in Doncaster and Sheffield.

Owners of the chain '“ which has a branch in Doncaster's Frenchgate Centre and one in Barker's Pool in Sheffield '“ have said it needs "an immediate injection of capital" to continue trading in its current form.

The stark statement to investors comes after the firm uncovered "significant, and potentially fraudulent, accounting irregularities".

The chain has branches in Doncaster and Sheffield.

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It also belatedly discovered HMRC filed a winding-up petition against one of its principal subsidiaries in September and is seeking £1.14m in taxes.

The firm has more than 2,500 staff with 206 stores across the UK.

The company announced earlier this week that finance director Chris Marsh had been suspended.

In its statement, the firm said that over the past 24 hours it had "undertaken further investigation into the financial status of the company".

The board found "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," it continued.

The company said its "professional advisers are assessing all options available to the business to keep it trading and will update the market in due course".