The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Hotel / Restaurants Accommodation And Food Service Activities Food And Beverage Service Activities 56.1 - Restaurants and mobile food service activities
920 - 2,800 jobs Number of planned job losses
Announcement Date
22 January 2019
Employment effect (start)
23 January 2019
Foreseen end date
Description
Patisserie Valerie, the chain of cafes has entered administration. At present the total number of job losses is uncertain, though closures have started and 920 employees have been made redundant. The chain employed 2,800 staff when it entered administration on 22 January 2019, when negotiations with its creditors broke down. The next day the administrators announced that 71 branches would close with immediate effect with the loss of 920 jobs. The remaining 122 branches will continue to trade as normal. The business's collapse is related to apparent fraudulent activity in its accounting processes. The collapse has led to questions of the auditors who allegedly failed to spot the fraud and signed off the company's accounts. A buyer is being sought for the firm.
Eurofound (2019), Patisserie Valerie, Bankruptcy in United Kingdom, factsheet number 96672, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/96672.
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