PV Holdings Realisations Limited (05914839): administration
- Status
- Administration ended
- Administration began
- 2019-02-13
- Administrators' firm
- KPMG
- Formerly
- Patisserie Valerie Holdings Limited; Pimco 2531 Limited
- Incorporated
- 2006-08-23
- Location
- London
- Industry
- 82990 Other business support service activities n.e.c.
Why it went into administration
- Funding withdrawn / unable to refinance
- Property / lease costs
- Parent or group failure
From the administrators' statement
In October 2018, it was discovered that a material accounting misstatements had been made in the Group’s audited accounts. This impacted the cash available to the Group to fund trading operations and rescue funding was required, which was subsequently provided by the Group’s majority shareholder Mr Luke Johnson. However, this did not provide a long term solution to the funding deficit and an agreement could not be reached between the Group and its funders in regards to its continued funding. This led to the Group being unable to meet its employee wages liability for January 2019. As a result, the directors placed five of the companies in the Group into administration on 22 January 2019.
Patisserie Valerie Holdings Limited was incorporated on 23 August 2006 and was a nontrading subsidiary of the Group. The Company held a number of leases and intellectual property on behalf of the Group.
The Company had no employees and its registered office was located at the Group's head office on Sarehole Road in Birmingham.
Administrators' statement of proposals (2019-03-14) · Companies House register