The future of Patisserie Valerie is in doubt after it admitted that a £40m alleged fraud was more extensive than had been thought and said that it had hired KPMG, the accounting group, to carry out a “review of all options”.
The café chain said that its profits were materially below those declared in October as part of a rescue refinancing, casting fresh doubt over its ability to continue trading.
Patisserie Holdings, the parent company, has been in crisis since it discovered “significant potentially fraudulent accounting irregularities” in October. It said last night that a review of its books had found that its accounts had been “significantly manipulated”.
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