Patisserie Holdings in talks to extend bank deal to save Patisserie Valerie

Patisserie Holdings, which operates the troubled subsidiary, Patisserie Valerie, has made a statement today, as an existing deal with the firm’s banks expired on Friday (18 January).

The statement read as follows: '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.'

The news comes after Patisserie Holdings, which saw the subsidiary come within hours of financial collapse in October, told the Stock Exchange last Thursday, that work carried out by forensic accountants has shown 'the misstatement of its accounts was extensive'.

Currently, all 206 Patisserie Valerie tea rooms in the portfolio are still in operation.