Patisserie Valerie Owner Finds Potential Accounting Fraud, Suspends CFO

15 October, 2018, 17:20 | Author: Eric Barnett
  • The owner of Patisserie Valerie has said the chain needs “an immediate injection of capital” to continue trading

Shares in Brighton Pier Group, which he listed two years ago, have fallen since the crisis at Patisserie Holdings was revealed, while a mooted £150 million sale or stock market flotation of Bread Holdings, owner of the Gail's bakery chain, where...

Further updates will be released in due course as appropriate".Hertfordshire Police said: "A 44-year old man from St Albans has been arrested on suspicion of fraud by false representation.

Patisserie Valerie traces its roots back to 1926 when Belgian-born Madame Valerie opened a shop in London's Soho district.

'The company, in conjunction with its professional advisers, has during the last 24 hours, undertaken further investigation into the financial status of the company.

Patisserie Valerie owner Patisserie Holdings CAKEP.L said on Friday that Chris Marsh, its suspended finance director, was arrested by the police on Thursday night and had been released on bail.

An investigation into the books is ongoing, but Patisserie estimates that it has a current net debt position of around £9.8mln, compared to a net cash position of £28.8mln which it reported in its half-year results.

Mr Marsh was suspended from his role while the circumstances of the financial black hole were examined internally.


British entrepreneur Luke Johnson owns 37 percent of the high street chain's holdings and is now unable to provide the capital requested.

It also emerged that HMRC has filed a winding-up petition against Stonebeach Limited, the company's principal trading subsidiary, over a £1.14m tax bill.

Patisserie Valerie trades from more than 200 stores, including one at Resorts World Birmingham at the NEC and its branded counters in Sainsbury's stores.

A spokesman for MP Kings Retail SARL later commented: "We have taken possession of the unit on King Street in question. We are sorry to see the store close but have been forced to act given the tenant was in breach of their lease agreement".

"Without an immediate injection of capital, the directors are of the view that that is no scope for the business to continue trading in its current form", it stated.

The company - with cafes in Wolverhampton, Telford and Shrewsbury - suspended both its shares and its chief financial officer, Mr Marsh, after discovering "significant, and potentially fraudulent, accounting irregularities and therefore a potential material mis-statement of the company's accounts".

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