15th Oct 2018 09:31
LONDON (Alliance News) - The Restaurant Group PLC said on Monday that Non-Executive Director Paul May has stepped down from his role and the company with immediate effect after a year in the role.
May is chief executive officer at cafe and casual dining chain Patisserie Holdings PLC, a role he has held for 12 years since 2006.
The firm last Wednesday shocked the market by announcing what it called potentially fraudulent accounting irregularities, leading to an investigation by the UK Serious Fraud Office and arrest, and subsequent bail, of Finance Director Chris Marsh.
The group was saved by a GBP20 million loan supplied by Executive Chairman Luke Johnson and a GBP15.7 million share issue.
"On behalf of the board, I would like to thank Paul for the very valuable contribution that he has made since joining the business. We understand and accept his decision to step down and wish him all the best for the future," said Restaurant Chairman Debbie Hewitt.
Shares in Restaurant Group were down 2.3% at 288.20 pence, while Patisserie Holdings shares remained suspended since Wednesday last week.
Related Shares:
Patisserie Holdings PlcRTN.L