12th Oct 2018 09:43
LONDON (Alliance News) - Patisserie Holdings PLC on Friday reported the arrest of its suspended Finance Director Chris Marsh, who was subsequently released on bail.
Marsh was suspended from his role, after the the cafe chain discovered "significant and potentially fraudulent" accounting irregularities. The company, however, has not yet accused Marsh of any wrongdoing.
The company, which owns the Patisserie Valerie brand, in a statement on Wednesday said the irregularities "may lead to a material change in its overall financial position". It also revealed a winding up petition for its principal trading unit Stonebeach Ltd for GBP1.1 million owed to the UK tax department.
The company subsequently warned that it would be unable to trade without "immediate" funding.
"Without an immediate injection of capital, the directors are of the view that there is no scope for the business to continue trading in its current form," Patisserie said on Thursday.
Shares in the company are currently suspended.
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Patisserie Holdings Plc