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Tag: Patisserie

Patisserie Valerie chairman waives salary

Patisserie Valerie chairman waives salary

Business
The chairman of Patisserie Valerie has said he will waive his salary as he focuses on reviving the cake and cafe chain after an accounting scandal. Luke Johnson, who holds a large stake in the business, told the board he would not collect his £60,000 salary for the rest of his time at the group.He will also give up directorships at other firms amid criticism he holds too many. It follows shareholder anger about a rescue deal to keep the firm afloat. The chain, which owns 200 cafes, has been forced to raise £25m in emergency funding after it uncovered black hole in its accounts in October. Patisserie Valerie finance chief arrested Investors blast Patisserie Valerie boss As part of this, it issued £15m of new sha...
Patisserie Valerie saved by cash injection

Patisserie Valerie saved by cash injection

Business
Patisserie Valerie has been saved from collapse after entrepreneur Luke Johnson, who owns 37% of the company, provided £20m in loans to the struggling chain.Mr Johnson agreed to lend £10m for three years to owners Patisserie Holdings plc, which the company said would provide "immediate liquidity".He has also provided a further bridging loan facility of up to £10m.The firm said it had also raised another £15m by issuing new shares. The directors said the company had required an immediate cash injection of no less than £20m, without which it could not continue trading in its present form.The cafe chain has been fighting for survival after revealing on Wednesday it had uncovered "significant, and potentially fraudulent, accounti...
Patisserie Valerie says finance chief arrested

Patisserie Valerie says finance chief arrested

Business
The owner of Patisserie Valerie has said its finance director Chris Marsh was arrested last night and then released on bail.The cafe chain is fighting for survival after revealing on Wednesday it had uncovered "significant, and potentially fraudulent, accounting irregularities".Mr Marsh had been suspended when these problems were discovered.Late morning Friday the Serious Fraud Office said it had "opened a criminal investigation into an individual"."We can give no further information or comment at this time," the SFO said without naming the individual.On Thursday, the firm said it needed "an immediate injection of capital" to continue trading in its current form.The company, in which entrepreneur Luke Johnson has a 37% stake, did not provide any details o...
Patisserie Valerie crisis 'over £20m black hole'

Patisserie Valerie crisis 'over £20m black hole'

Business
The owner of Patisserie Valerie, one of ‎Britain's largest chains of casual dining outlets, will be plunged into crisis on Wednesday when it reveals that it has found a multimillion pound black hole in its accounts. Sky News has learnt that Patisserie Holdings, which trades using the ticker CAKE,‎ is likely to have its shares suspended as a result of the discovery of financial irregularities.The ‎situation will create a huge headache for Luke Johnson, one of Britain's best-known and most successful entrepreneurs, who is Patisserie Holdings' executive chairman and largest shareholder.A leisure industry source said on Tuesday night that Chris Marsh, Patisserie Holdings' finance director, was likely to be suspended or temporarily step aside during an investigat...