Patisserie Valerie’s holding company is still in talks with its creditors over plans to save the troubled bakery chain.
The company was expected to provide an update this morning (21 January). However, it told shareholders talks would continue this week.
“Patisserie Holdings announces today that, further to the announcement on 16 January, the company is still in discussions with its bankers to extend the standstill of its bank facilities beyond 18 January and will issue an update when those discussions have concluded,” it said in a new update.
See also: Patisserie Valerie owner faces HMRC winding-up order
Entrepreneur Luke Johnson, Patisserie Valerie’s biggest shareholder, is looking to extend a standstill agreement on the firm’s bank facilities which expired officially on Friday. If he does not succeed, the banks could demand repayment of £9.7m overdraft debt.
Patisserie Valerie operates 158 outlets in the UK, including department store concessions, according to its website.
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