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Patisserie Valerie seeks 20 million pounds to stay afloat

Patisserie Valerie seeks 20 million pounds to stay afloat
FILE PHOTO: A sign is seen outside a branch of Patisserie Valerie in London, Britain, October 10, 2018. REUTERS/Simon Dawson/File Photo   -   Copyright  Simon Dawson(Reuters)
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(Reuters) – The owner of Patisserie Valerie, the British cafe chain rocked by an accounting scandal, said on Friday it requires at least 20 million pounds ($26.30 million) to continue trading and to avoid the need to appoint administrators.

Patisserie proposed to raise about 15 million pounds through the issue of 30 million shares and enter a new 10 million pound loan agreement with leading shareholder Luke Johnson to provide immediate liquidity to the group, it said in a statement.

($1 = 0.7604 pounds)

(Reporting by Justin George Varghese in Bengaluru; Editing by Kirsten Donovan)

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