Accounting scandal at Patisserie Valerie is even worse than we feared, cafe chain owner admits


The owner of stricken cafe chain Patisserie Valerie has admitted its accounting scandal is worse than previously thought.


In a strongly worded statement, Patisserie Holdings spoke of the devastating effects of a fraud that involved 'significant manipulation' of its books, including thousands of false entries.


Initial findings from a probe into the scandal reveal cash flow and profitability have been overstated. 


The chain is now pleading with lenders for a further extension to loan arrangements.

Patisserie Valerie, headed by entrepreneur Luke Johnson, has overhauled its management after a £40million black hole was discovered on its books and former finance boss Chris Marsh was arrested on suspicion of fraud.


Source: https://www.dailymail.co.uk/money

Full story: https://www.dailymail.co.uk/money/markets/article-6599781/Accounting-scandal-Patisserie-Valerie-worse-feared-cafe-chain-owner-admits.html