Patisserie Valerie sales were in secret decline for at least three years before the discovery of the accounting black hole that triggered its collapse, The Daily Telegraph can reveal.
Documents containing the stricken cafe chain’s finances show revenues from “un-loved” established stores were falling even as the management team under executive chairman Luke Johnson pursued an “ambitious roll-out plan”.
Marketing material rushed together by administrators KPMG reveals like-for-like revenue has been on an accelerating downward slide since 2015, including a 4% drop in the past two years.
