Monday 10 December 2018

Patisserie Valerie appoints new finance chief

The future of the company was thrown into doubt after it uncovered fraudulent activity.

Patisserie Valerie has appointed an interim finance chief (PA)
Patisserie Valerie has appointed an interim finance chief (PA)

By Ravender Sembhy, Press Association City Editor

Patisserie Valerie has appointed a new interim finance chief as the cake chain attempts to bounce back from a tumultuous few months.

The company said Nick Perrin, formerly finance head at veterinary firm CVS, will take up the role while the board searches for a permanent replacement for predecessor Chris Marsh.

Mr Marsh was arrested on suspicion of fraud following the discovery of a black hole in Patisserie Valerie’s accounts in October, but was later released.

He brings with him the necessary experience to help strengthen the team as the company works tirelessly to put the events of the past months behind it. Steve Francis

He has since left the group but is under investigation by the Financial Reporting Council (FRC), which is also probing Grant Thornton’s audit of Patisserie Valerie.

Boss Steve Francis said: “I am pleased to welcome Nick to Patisserie Holdings. He brings with him the necessary experience to help strengthen the team as the company works tirelessly to put the events of the past months behind it and look forward to the future.”

The firm came close to collapse in October after finding the black hole and it was forced to raise emergency funds from chairman Luke Johnson to stay afloat.

The future of the company was thrown into doubt after it uncovered fraudulent activity around its financial accounts and was served a wind-up order by the taxman over £1.14 million owed to HM Revenue and Customs.

Paul May, the former boss of the beleaguered cake chain, was also forced to step down as a result of the scandal.

Press Association

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