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Patisserie gets more time to agree on loan with main lenders

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Patisserie gets more time to agree on loan with main lenders
FILE PHOTO: A man walks past 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) – British cafe chain owner Patisserie Holdings Plc <CAKEP.L> said on Monday it had secured more time to strike a loan agreement with its principal lenders that will allow it to cover existing debt.

The company originally had 45 days starting from Oct. 12 to agree on a loan facility with lenders, but the owner of Patisserie Valerie cafes said it now has time until Jan. 18 to do so.

Patisserie has been under pressure since an accounting black hole was discovered in October, forcing Chief Executive Paul May and suspended Chief Financial Officer Chris Marsh to step down.

The issue led to an eventual 20-million-pound cash injection by Patisserie Chairman Luke Johnson to keep the company running. Later, Patisserie raised 15.7 million pounds through a share issue.

(Reporting by Arathy S Nair in Bengaluru; Editing by Sai Sachin Ravikumar)

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