Landlords close two Patisserie Valerie sites amid financing crisis
Two Patisserie Valerie branches in London were closed on Friday, while the chain’s parent company teetered on the brink of collapse.
Landlords forfeited the leases on locations in Hammersmith and Edgware Road, citing a breach of contract.
This comes after Patisserie Holdings, which also owns other brands including Philpotts, Baker & Spice and Flour Power City, warned that it would not be able to continue trading without an immediate injection of capital.
The company said earlier this week that it had found a major black hole in its accounts.
Patisserie’s finance director Chris Marsh has since been arrested on suspicion of fraud.
Notices were posted in the windows of two London Patisserie Valerie branches on Friday, with one saying that the closure was a result of non-payment of rents.
A spokesman for MP Kings Retail SARL, the landlord for the Hammersmith branch, said: “We have taken possession of the unit on King Street in question. We are sorry to see the store close but have been forced to act given the tenant was in breach of their lease agreement.”
Passers-by posted images of the forfeiture notices on Twitter.