Patisserie Valerie* has today collapsed into administration, as last minute talks with banks failed to save the bakery chain.
The business operates 200 cafes, and employs nearly 2800 people, and it is hoped that administrators will be able to keep some profitable stores operating while they look for a buyer.
However the BBC is reporting that administrators from KPMG said 70 stores will close immediately, meaning a "significant number of redundancies".
Patisserie Valerie is very popular for treats like afternoon tea, and there will be many with gift vouchers to spend at the store. At present it is unclear whether those will be honoured, but we will update this post as soon as we know more.
This is a breaking story, with more to follow.
EDIT 23/01/18: If you have a Patisserie voucher from Red Letter Days they have issued the following: "As of right now we are under the impression that vouchers that have already been sold will still be redeemable, while Patisserie Valerie are still open & trading. In regards to whether they can be refunded or transferred we aren't sure yet. Once we have more information, I will be sure to let you know."
In the meantime you have the option of exchanging your voucher for another experience, and one of our team has been able to do that. If you wish to exchange your Patisserie Valerie Red Letter Day voucher you can do that online at Red Letter Days here*.