Published: 20/02/2019 By Andrew BaileyPartner Andrew Bailey comments on the administration of popular cake chain Patisserie Valerie:
"It’s hard to avoid the news of the collapse of cake chain Patisserie Valerie, the latest in a line of big names to go in to administration in the last 18 months or so. Up to 900 Patisserie Valerie staff have lost their jobs this year, and it has been reported that they have not been paid for their final month’s work at the chain.
The administrators are supporting the staff, including assisting them to make claims through the Redundancy Payments Service, which is an important avenue for the staff to pursue. Any stage of an insolvency process is incredibly difficult for staff to understand, if only because things move very quickly and issues are not always communicated effectively. It is vital for the management of any company going through an insolvency to keep their staff informed to the best of their ability.
Another interesting twist in the Patisserie Valerie story is that Mike Ashley has apparently come forward as an interested party. This follows on from his buying up of other retail chains such as House of Fraser and Evans cycle shop. It will be intriguing to see the outcome for this chain."