Thursday 18 July 2019

Deputy chair leaves Patisserie Valerie

Patisserie yesterday unveiled the
Patisserie yesterday unveiled the "devastating" extent of irregularities in its accounting

Alys Key

The deputy chairman of Patisserie Valerie resigned yesterday, a day after the group revealed the extent of an accounting scandal which pushed it close to collapse last year.

Lee Ginsberg will leave Patisserie Holdings, the cake chain's parent company, with immediate effect. His departure leaves chairman Luke Johnson as the only remaining board member from before the crisis.

The company said Mr Ginsberg would be focusing on his other commitments.

Patisserie yesterday unveiled the "devastating" extent of irregularities in its accounting, which included thousands of false entries into the company's ledgers.

The firm said an initial investigation pointed to cash flow and profitability being worse than previously thought when the problem was first discovered in October.

It has also hired advisers at KPMG to carry out a review of all its options as it seeks to "recover from the devastating effects of the fraud, and to preserve value for its stakeholders going forward". A rescue plan was passed by shareholders in November, resulting in the issue of £15m worth of new shares.

Press Association

Irish Independent

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