Stevenage and Baldock Patisserie Valerie stores close after company’s administration
PUBLISHED: 09:57 24 January 2019 | UPDATED: 10:07 24 January 2019
Stevenage and Baldock’s Patisserie Valerie stores have both closed after the cafe chain went into administration on Tuesday.
The Stevenage store in Debenhams on the Roaring Meg Retail and Leisure Park and the motorway outlet at Baldock Services off Junction 10 of the A1(M) are just two of 71 outlets closed by administrators KPMG.
Patisserie Valerie could not meet debts after “significant, and potentially fraudulent, accounting irregularities” were uncovered in October last year and failed to reach a rescue deal with bankers Barclays and HSBC.
More than 900 staff have lost their jobs following closures across the country.
Luke Johnson, who bought the business back in 2006, has committed more money to pay staff this month.
The Stevenage store, which opened in October 2017, was the cafe chain’s first venture in the town, while the Baldock outlet opened almost four years ago – in March 2015.