As Longtime Readers may know, one of my favorite stops when I’m in Britishland is Patisserie Valerie, which makes some of the best pastries I’ve ever tasted (along with outstanding croissants at breakfast time). Apparently, quality merchandise hasn’t been enough:
Patisserie Holdings plc announces today that, 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.
As a consequence, the directors have appointed partners at KPMG as administrators to the company and its various subsidiaries.
The Chairman Luke Johnson has personally extended an unsecured, interest-free loan to help ensure that the January wages are paid to all staff working in the ongoing business.
This Loan will also assist the administrators in trading as many profitable stores as possible while a sale process is undertaken.
Needless to say, stores will be closed and people will lose their jobs.
This after one of its senior executives siphoned money out of the place to support his jet-set lifestyle. And if I could get hold of the asshole, his legal and financial problems would be the least of his problems.
Yes, I take my pastries that seriously.