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Tue 22nd Jan 2019 - Patisserie Valerie falls into administration
Patisserie Valerie falls into administration: Patisserie Holdings has announced, as a direct result of the significant fraud referred to in previous announcements, “it has been unable to renew its bank facilities, and therefore regrettably the business does not have sufficient funding to meet its liabilities as they fall due”. The company stated: “As a consequence, the directors have appointed partners at KPMG as administrators to the company and its various subsidiaries. The chairman Luke Johnson has personally extended an unsecured, interest-free loan to help ensure that the January wages are paid to all staff working in the ongoing business. This loan will also assist the administrators in trading as many profitable stores as possible while a sale process is undertaken. As a director, and due to the size of his holding, the entering into the loan by Luke Johnson will be deemed to be a transaction with a related party under rule 13 of the AIM rules. The independent directors consider, having consulted with Canaccord Genuity, acting in its capacity as the company’s nominated adviser, that the terms of the loan are fair and reasonable insofar as the company’s shareholders are concerned.” The company had been locked in talks with its banks since the end of last week to renew banking facilities. Last week it has revealed the extent of fraud at the company was much broader than originally thought. This problem seems to have undermined the banks’ confidence in supporting the business any further. 

Leadership Summit open for bookings: Propel is launching the Leadership Summit, which will see a select group of the sector’s most experienced bosses share their expertise on leadership. The full-day event, in partnership with Elliotts, will take place on Tuesday, 12 February at One Moorgate Place and is open for bookings. Speakers will include Will Stratton-Morris, UK chief executive of Caffe Nero, who will talk about building high-performance teams. Alasdair Murdoch, chief executive of Burger King, speaks about the role of leadership in business turnarounds. Elliotts chief executive Ann Elliott will talk to Des Gunewardena, chief executive of D&D London, about the lessons of leadership he has picked up in his career in the sector. Duncan Garrood, chief executive of Ten Entertainment, will give his views on leadership and the customer experience, while Jo Fleet, managing director of Flat Iron, will talk about empowering people and trust and getting the team to “buy in” through clear communication and vision. Mark Jones, chief executive of Carluccio’s, will explain how the company is building the quality and skillsets of its general managers to lead the business out of decline. Simon Townsend, chief executive of Ei Group, will give his views on the challenges of leadership during a period of immense change and Zoe Bowley, managing director of PizzaExpress, will give her top ten tips on leadership. Meanwhile, Loungers founder Alex Reilley will talk about the adaptations involved in growing a business from one site to more than 100, celebrating success and the art of succession, while Ann Elliott will give her views on the power of mentoring to grow talent in organisations. Propel managing director Paul Charity said: “With the industry facing such challenging times, effective leadership has never been more important. This is an unmissable opportunity to learn from high-profile leaders in our sector.” Prices are £295 plus VAT for Premium members, £345 plus VAT for operators and £445 plus VAT for suppliers. To book, email anne.steele@propelinfo.com

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