Bakery chain Patisserie Valerie collapses into administration

Patisserie Valerie has collapsed into administration, putting up to 3,000 jobs at risk, after it was unable to extend its bank facilities amid allegations of fraud.The bakery chain said discussions with its lenders HSBC and Barclays to extend a standstill agreement had come to nothing, leaving it with no option but to appoint KPMG as administrator.The company added that Patisserie Valerie chairman Luke Johnson had extended £3m unsecured, interest-free loan to help ensure that January wages