One fund manager considers legal action after Patisserie Valerie owner collapses into administration. : Fund managers have branded Patisserie Valerie's collapse as 'scandalous', after the high street baker fell into administration less than a week after revealing the scale of 'devastating' fraud. Patisserie Holdings (CAKEP) announced yesterday that it had fallen into administration ‘as a direct result of the significant fraud’ and that banks had refused to bail out the parent of high street cake maker Patisserie Valerie. Chris Boxall, co-founder of Fundamental Asset Management, said he was considering legal action against the business.