Patisserie Valerie saved as chairman lends cafe chain £10m
15 October, 2018, 17:16 | Author: Brooke Harris
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.
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".
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