Patisserie Valerie saved as chairman lends cafe chain £10m

15 October, 2018, 17:16 | Author: Brooke Harris
  • Patisserie Valerie store

Patisserie Holdings said on Friday that Johnson would provide a 10 million pound interest-free loan and a further bridging loan of up to 10 million pounds to tide it over before it tries to raise new funds from shareholders via a heavily discounted placing.

He was arrested on Thursday night on suspicion of fraud by false representation and has now been released on bail under investigation, Hertfordshire Police said.

The first Patisserie Valerie café was opened on Frith Street in London's Soho district in 1926.

"Further updates will be released in due course as appropriate".

Yesterday a spokesman for the firm said: "The company has been made aware that Chris Marsh, who is now suspended from his role as company finance director, was arrested by the police last night and has been released on bail".

"The board has now reached the conclusion that there is a material shortfall between the reported financial status and the current financial status of the business", it added.

Mr Marsh was suspended from his role while the circumstances of the financial black hole were examined internally.

Red Dead Redemption 2 Entire Game Length Revealed
And that's work in the sense of time, quality, and in the context of the full game. Obviously everyone plays at their own pace, so this number is negotiable.

The directors said the company had required an immediate cash injection of no less than £20m, without which it could not continue trading in its present form.

It follows the Serious Fraud Office confirming it has begun a criminal investigation after the company's finance director was arrested last night and released on bail.

On Wednesday, after the company announced a temporary suspension of trading it was made aware that HM Revenues and Customs (HMRC) had filed a winding up petition to liquidate the company's assets over an unpaid £1.14 million tax bill.

Patisserie Holdings Plc finance chief Chris Marsh was arrested as United Kingdom fraud prosecutors opened a probe into an accounting scandal that threatens to shutter the cake baker's 200-plus stores.

A spokesman for MP Kings Retail SARL later commented: "We have taken possession of the unit on King Street in question".

'We are sorry to see the store close but have been forced to act given the tenant was in breach of their lease agreement'.

The accounting crisis put thousands of jobs at risk, with Patisserie Valerie admitting on Wednesday that the gap in its accounts had "significantly impacted the company's cash position and may lead to a material change in its overall financial position".

Recommended:

  • Samsung says its upcoming foldable phone won't be a gimmick product

    Samsung says its upcoming foldable phone won't be a gimmick product

    Sammobile Reports show that the device will display a 7.3-inch main OLED display and an external 4.6-inch OLED display . The Samsung foldable phone would basically be Samsung's test bed device to see how reviewers and the market react.
    Photos From Princess Eugenie and Jack Brooksbank’s Wedding

    Photos From Princess Eugenie and Jack Brooksbank’s Wedding

    The pictures were taken by photographer Alex Bramall , who also snapped shots of Eugenie in 2016 for a Harper's Bazaar photoshoot. Dougal said seeing her in the gown was the most special moment of the day, he added.
    Former France striker Thierry Henry named Monaco coach on three-year deal

    Former France striker Thierry Henry named Monaco coach on three-year deal

    The Frenchman retired from playing in 2014, and since the summer of 2016 has been a coach with the Belgium national team. Monaco is now 18th in Ligue 1 table having won just one in 9 league matches played so far.
  • Ariana Grande Pete Davidson Break Up, Call Off Engagement, Split

    Ariana Grande Pete Davidson Break Up, Call Off Engagement, Split

    According to Us Weekly , she pulled out of an appearance at a cancer benefit scheduled for October 13 for personal reasons. Grande, 25, and Davidson, 24, were confirmed to be dating in May and announced their engagement shortly after.
    Predictions For Cowboys-Jaguars Can the Cowboys get back to

    Predictions For Cowboys-Jaguars Can the Cowboys get back to

    Depending on the week, your favorite team can convert you from devout believer to an agnostic or even an outright atheist. Jacksonville wants to do what Kansas City did to them last week, make the opposing quarterback throw as much as possible.
    Red Sox' Martinez not motivated to get revenge on Astros

    Red Sox' Martinez not motivated to get revenge on Astros

    Red Sox manager Alex Cora said thus year's win over the Yankees provides a mental boost, especially after the Game 2 loss at home. The Red Sox ace started Game 1 of the American League Championship Series against the Astros and failed to deliver.
  • Cancer survivors celebrate, raise money for research at Race for the Cure

    Cancer survivors celebrate, raise money for research at Race for the Cure

    To these women, metastatic breast cancer is often overlooked throughout October - particularly in terms of research funding. Over 70% do not assess people's emotional and physical needs at diagnosis and throughout their treatment, the figures show.
    No chance of time limit on Brexit border backstop, Coveney insists

    No chance of time limit on Brexit border backstop, Coveney insists

    The febrile atmosphere in the Tory ranks has seen Mr Davis emerge as a potential successor to Mrs May. One UK official told Politico: "It was never assumed a deal was going to be done today".
    Sisterhood hosting breast cancer awareness event

    Sisterhood hosting breast cancer awareness event

    If you notice any bumps or lumps, do not panic, most of the lumps or tumors are usually benign but you should take precautions. However, what is alarming is that about 85 percent of breast cancers occur in women with no family history of breast cancer.
  • Sancho surprised by first England call-up

    Sancho surprised by first England call-up

    Derby midfielder Mason Mount, who is on loan from Chelsea, is also amongst the substitutes for the Nations League clash against Croatia.
    Getty Images Astros take on Red Sox in ALCS Game 2

    Getty Images Astros take on Red Sox in ALCS Game 2

    It would be a big step toward becoming the first team to win consecutive World Series since the 1999-2000 Yankees. Boston finally struck against Houston Astros ace Justin Verlander , scoring a pair of runs to tie the game 2-2.
    Fund set up for 11-year-old killed in Hurricane Michael

    Fund set up for 11-year-old killed in Hurricane Michael

    A helicopter dropped water and food at the facility on Thursday after a tree downed during the storm caused a water line to break. Power outages are on the rise: 1.3 million customers in six states are without power, including 604,831 in North Carolina.


Popular

'Hostage held' at Cologne main train station
An AFP correspondent at the scene said he heard two stun grenade explosions as police stormed and secured the pharmacy. Cologne's central station itself is a major interchange for trains across Germany and Western Europe.

Usain Bolt scores first goals in professional football
It's still the preseason for the Mariners - the regular season starts on October 19, and Bolt doesn't yet have a contract.

Sears nears bankruptcy after years of turmoil
If Sears does file for bankruptcy, it could try to stay in business, using the court process to shed debt and unaffordable leases. Lampert also became Land's End Inc's biggest shareholder when the clothing manufacturer was spun out of Sears in 2014.

Prince Harry and Meghan Markle expecting their first baby
The celebrity, who shot to fame playing paralegal Rachel Zane in the American drama Suits , already has two "fairy god-daughters". The Duke and Duchess of Sussex are expecting their first baby together after confirming their spring 2019 due date.

Trump to visit storm-hit Florida, Georgia
Hector Morales, a 57-year-old cook, never thought of evacuating. "I regret not leaving", Harris said. "But I made it". Panama City officials fear that the death toll could rise to double digits just in their area alone.

Trump Said Ulysses S. Grant Was Incredible, Not Robert E. Lee
Even after NBC issued its correction, the Southern Poverty Law Center was tweeting about Trump's so-called "revisionist history". Trump praised Ulysses S Grant repeatedly during the speech, especially since the general was originally from Ohio.

Patriots' red-zone defense key in thrilling win over Chiefs
Gostkowski connected on his fifth field goal of the game just two plays later, his third of the fourth quarter alone. I was expecting a little heavy of a workload, so I was just glad to have the opportunity to go out there and play.

Facebook turns iPhone bokeh images into 3D Photos
Once done, share it as a 3D photo on Facebook where you can among other things tilt, pan or scroll to see the photo in real 3D. As per its name, the perspective will change when the user tilts their phone in different directions to view the image.

Donald Trump vows ‘severe punishment’ if Khashoggi was killed by Saudi Arabia
Authorities in Riyadh deny attacking Khashoggi and say, without providing proof, that he walked out of the consulate. Media captionCCTV footage shows missing Saudi journalist Jamal Khashoggi entering the Saudi consulate in Istanbul.

Meghan Markle's Sister Samantha Markle Turned Away by Palace Security
As reports the edition Express, 53-year-old Samantha tried to get into Kensington Palace, which is now home to her younger sister. The source goes on to confident: "As she had no response, she has not had other choice than to come without having been invited".