October 12, 2018 / 3:08 PM / a month ago

Patisserie Valerie seeks 20 mln pounds to stay afloat

Oct 12 (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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