CAKE’s collapse expected to result in losses of up to £500m
The administrators of crisis-hit Patisserie Holdings have sold most of the group in three deals, saving more than 2,000 jobs.
However shareholders - who in October thought they had a piece of a profitable, expanding business worth £450m - are expected to get back crumbs for their slice of CAKE, as the company was known on the stock market.
Fraud investigations are ongoing into the group, which had undisclosed bank lending of £10m and ultimately failed despite rescue funding of nearly £30m being provided late last year.
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