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Patisserie Valerie black hole more than doubles to £94m

KPMG said its forensic accountants found a £94m black hole, more than double the previous £40m estimate

KPMG, the administrators for scandal-hit cafe chain Patisserie Valerie, has revealed that its forensic accountants found a £94m black hole, more than double the previous £40m estimate.

In its latest report the accountancy firm said Patisserie Valerie which collapsed into administration in January, falsely claimed to have £54m in cash and that its assets were valued £23m higher than they were.

It said: “The group’s majority shareholder, Mr Luke Johnson, provided rescue funding of £20m in October 2018, to fund the group’s trading operations in the short term.

“Further analysis by the directors and forensic accountants in the following months led the board to understand that the consolidated accounts…

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