THE owner of popular chain Patisserie Valerie, which has stores in Newport and Cwmbran, is "on the brink of collapse" and needs an "immediate injection of captial" to survive according to its owner.
The company's precarious position was revealed to investors after the firm recently uncovered "significant, and potentially fraudulent, accounting irregularities".
The firm, which started with a single store in Soho, London, has more than 2,500 staff nationwide.
In its statement on Thursday, the firm said that over the past 24 hours it had "undertaken further investigation into the financial status of the company".
The board found "a material shortfall between the reported financial status and the current financial status of the business".
"Without an immediate injection of capital, the directors are of the view that there is no scope for the business to continue trading in its current form," it continued.
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