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| Patisserie Valerie faces legal action | Patisserie Valerie faces legal action |
| (35 minutes later) | |
| The company that owns Patisserie Valerie could be facing legal action from investors over the collapse of the cafe chain. | The company that owns Patisserie Valerie could be facing legal action from investors over the collapse of the cafe chain. |
| Chris Boxall, co-founder of Fundamental Asset Management, said he was "flabbergasted" by the situation. | |
| He told BBC Radio 4's Today Programme he was considering legal action as he had a "moral duty, a fiduciary duty" to clients. | He told BBC Radio 4's Today Programme he was considering legal action as he had a "moral duty, a fiduciary duty" to clients. |
| Administrators KPMG are closing 70 stores, and seeking buyers for others. | Administrators KPMG are closing 70 stores, and seeking buyers for others. |
| At the moment 121 cafes remain open. | |
| Entrepreneur Luke Johnson, who bought the business in 2006, has committed more money to ensure staff are paid this month. | |
| The first signs of trouble came in October after accounting "irregularities" were announced. That included "secret overdrafts" unknown to Mr Johnson and the board. | |
| Nevertheless, Mr Boxall said he was "staggered" and had questions about Mr Johnson's oversight of the business. | |
| "What has he and the board been doing? What questions were they asking at meetings, what things were they looking at, did they ever roll up their sleeves and have look at the heart of the business which you would expect from a so-called executive director which he was in this business," he said. | |
| It is not clear if the target of any action might be the company or its former directors, including Mr Johnson. |