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Serious Fraud Office investigation into Patisserie Holdings Plc, associated entities and individuals - questionnaire
The purpose of this questionnaire is to gain information from investors which might assist in the investigation. We intend to review the information provided and, if required, may contact you to request further details. This could be via an interview potentially resulting in a witness statement and/or victim impact statement
https://www.sfo.gov.uk/cases/patisserie-holdings-plc/
https://venominvestors.egressforms.com/
Any active pi should be horrified about all this. Audit opinions look like a waste of ink...how can you decide anything if figures can be so wrong.
"....with business rates and VAT bills going unpaid. Between £10m and £12m was owed to HM Revenue & Customs."
It really is a disgrace and to think some of the BOD sold shares at inflated prices......blinded by greed and the smell of success.....
Someone took the pi** and no one seems to have noticed.......hard to believe
Luke Johnson seems to have delegated and failed to oversee what was happeneing
Expensive mistake
How the hell did PV get a £94m black hole in its accounts without the Grant Thornton, Johnson, May realising.
Full scale enquiry needed now I think - alright we risk all our investment when we invest in equities but this is beyond the pail
https://www.bbc.co.uk/news/business-47591082
Look forward to seeing the list of names and seeing if this goes wider than finance team
Up to six people face arrest over the Patisserie Valerie scandal, it can be revealed.
Their names are highlighted in a report by the accountant PwC into the alleged fraud at the cake shop chain. They are said to have signed fraudulent cheques and sent emails discussing fabricating invoices.
The revelation is the latest chapter in the biggest AIM scandal in recent memory.
Patisserie Valerie collapsed into administration last month, three months after discovering a £40m hole in its accounts. Trading of its shares was suspended in October and it was revealed that cheques worth millions of pounds had been used to artificially inflate the company’s cash reserves.
The Serious Fraud Office has already made one arrest. A further five people are understood to be under investigation. Three are said to have been junior staff.
They do not include the former executive chairman and Sunday Times columnist Luke Johnson, or non-executive directors Lee Ginsberg and James Horler, who are understood to have been interviewed as witnesses and not suspects.
According to a source, the suspected fraud involved the double-counting of voucher sales to inflate revenues and the manipulation of costs, with business rates and VAT bills going unpaid. Between £10m and £12m was owed to HM Revenue & Customs.
Up to 15 secret bank accounts are said to have been used to disguise the shortage of cash.
Patisserie Valerie was bought out of administration last week by Irish private equity firm Causeway Capital, preserving nearly 2,000 jobs.
The Sunday Times
i think his shares were worth about £170m and then he put in more money to keep it going. But probably just as important he's completely lost his reputation. Would anyone invest in him again ?
Chi
Doubt Johnson is out of pocket- had enough out - options. have memories of him years ago with Primar -e - I lost - he didn't.
What surprises me is that the French Patisserie is an attrraction. The window looks gorgeous but the eating reveals the lack of fruit/flavour etc. And the French attraction at the moment is not high - Macron is not an appealing macaroon.
Sadly no joy for us - then what is new!
The link below on Luke Johnson’s Risk Capital website says it all!
https://riskcapitalpartners.co.uk/portfolio/patisserie-holdings-2/
At least the staff will be ok and the brand remains - that's the good news.
Johnson and May are big losers - even better news.
Small investors are shafted through no fault of our own - very bad news - again!!!
The banks and creditors will be paid out first , so no way shareholders will get anything.
Breaking news that PV has been bought by a private equity company which is great news for the staff. Let’s hope Paul May and Luke Johnson do not get any proceeds from the price paid. Both will have heavy losses that they will no doubt us as tax write offs but will hopefully have learnt an important lesson about what happens when you both get greedy and exploit staff and shareholders?
But please don't rebrand.
Yep, it looks like Costa want it - 121 fitted out up and running high street shops in good locations for roughly £150 grand each plus a bakery and other assets - what's not to like - a simple refit and some staff training - great !!!
And now according to the FT its bye bye Mr Ashley!
I am not invested here but saw this on news. GLA
https://www.bbc.co.uk/news/business
I think the heritage was violated when private equity bought it.
Recent events are a violation of a rich heritage.
https://www.bbc.co.uk/news/business-47094831
Hi Ipad,
Almost certainly you could but...................... I will make two points.
1/ you can only audit what is put in front of you, some companies change their auditors annually and the figures are false.
2/ some auditors employ junior to actually do the audit and have little experience what to look for, hence "wool" is pulled over eyes.
Many years ago I worked for (& resigned) for a company (ceased trading) who accounts were fraudulently "created"
As an ex auditor I would love to review the audit files. Bet I could smell a rat in about half an hour !
Very poor show - store managers didn't even get their bonus payments from last October.
Hang you heads in shame Luke Johnson and Paul May.
Good luck to Unite in their claim for unfair dismissal.
BBC News - Patisserie Valerie: Redundant staff 'not receiving final pay'
http://www.bbc.co.uk/news/business-47107659
I read the article in the Times this week about Paul May’s motor racing team exploits along with his son. With “PatVal” splashed on the side of their racing car!!! According to LJ’s quote in the article Mr May paid for this himself....