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Investors should form an action group and take out a class action against Gon the Grant Thornton for one.These fat cats always believe that investors will just take it on the chin..Time to bear teeth an hurt them.
Luke Johnson has a Sunday times business column write up, clearly now egg on his face ,corrupt state of affairs here,no way nobody didn't know,all BODS should be brought to justice , accountability and punishment given,pure theft ......the guys who run the nations corner stores are better at business then these crooks
suggestion over on advfn that this will be taken private in due course.just an opinion of course but personally would think it quite likely assuming the company survives that is which has to be in in doubt.very sorry for all pis here
If they had been failing to make rental payments to landlords.How on earth did this go unnoticed by people in the company.There would have been visits to premises by agents , property managers etc You have to be substantially in arrears for sometime before landlords make moves to gain possession
add Belgo to the list .it did not end well for private investors on aim.remember placings are taken up by participants for many reasons not necessarily connected to their views on future recovery prospects or value
I wonder if they know the criminals of Quindell?
The now ex FD has been charged with suspicion of fraud by false representation, i.e. providing misleading information. So far he has not been charged with dipping his hand in the till, but it is possible that he has been covering unauthorised withdrawals by falsifying the accounts. The gross margin on this business is just under 80%, which seems very high. I note that balances for trade creditors and other payables have increased by 40% since 2013 while all costs have increased by nearly 100% per annum. Receivables have doubled to £11 million, strange for a cake business to have nearly two months sales outstanding in receivables. Presumably the auditors did obtain third party verification of all bank accounts at year-end. Was there a bank overdraft that they did not know about? This is dreadful news for all shareholders. All members of the board should be required to resign, they have clearly failed in their duties towards shareholders.
According to the Daily Mail, shareholders are going to see their shares drop 90% in value due to this mess once trading resumes - there must be a criminal investigation - you surely can’t treat shareholders like this.
I hope they have more attention on their cakes... Makes no sense one person could get it so wrong and no one even notice. Says to me the brand is ruined.
-Oct-1816:52:09425.404,263Buy* 423.50426.0018.13kO
09-Oct-1816:41:48425.504,100Buy* 423.50426.0017.45kO
09-Oct-1816:41:48426.28564,100Buy* 423.50426.0017.48kO
09-Oct-1816:35:26429.508,181Buy* 426.00429.5035.14kUT
09
I was curious to learn about the Finance Director's history. This is his bio on the Patisserie Holdings website:
5bc075e5920a9CM_Bio.PNG
Ok, so he has been involved with the company for 12 years. Is that a bad thing? I wouldn't say so. Although it could be argued that it's unusually long.
But the two other AIM-listed companies he worked for ended badly for his investors.
The seafood restaurant chain Fishworks Plc went into administration, while the loss-making gym chain Healthy Living Centres delisted with its share price close to zero.
There is also a link with Gary Ashworth, who was involved in forcing Interquest off the stock market and into private hands. Paul Scott nominated Interquest as "the small company which seems to worst treat its outside shareholders" and described management as "incompetent, and not to be trusted".
Some links between all of the characters:
Luke Johnson was the Chairman of Healthy Living Centres with Chris Marsh as FD.
Gary Ashworth was the Chairman of Interquest.
Luke Johnson was an investor and a director of Interquest.
Gary Ashworth was the Chairman of Fishworks while Chris Marsh was FD and Luke Johnson was an investor.
The ties are clearly very deep between all three men.
What does it all mean? Could investors have avoided Patisserie Holdings (LON:CAKE) on the basis of its connections with Interquest and other businesses which ended badly for the private investor?
I don't think so. It's all a bit circumstantial so far.
Agree it is gonna be sold hard and.shorted to high heaven / hell. There is no trust left in the brand. Wonder what ingredients are in the cakes LOL thatll be next ! Maybe they can make a brexit cake or a 'Fudge-The-Figures' cake.
Absolutely right with regards to Auditors, but one should also look closer to home. If the state of their affairs is correct, then how can a FD hide this from the entire BoD, Chairman etc? Senior Accounts Managers/Accountants in the business would have also sussed it out, and gone over and above the FD? How can one-person take all of this wrap?!
Well said and so true
Can't believe that following the 28m cash in May that didn't really exist....the FD and his mate sell a load of shares in July. You aren't telling me that they didn't know what rotten news was lurking around the corner Typical corporate behaviour in the UK... and not just AIM...... remember TESCO for example They should force-feed the directors all the remaining cakes....
Having been a FD in a listed company, I can confirm that auditors are absolutely useless. Normally send in a load of juniors who don't have a clue whilst the partners are wining and dining the client. If by a rare chance they found anything they probably won't report it because they want the repeat business of the client plus all the lucrative consultancy work they get, again which very rarely creates value. The whole system is broken.
you lot have been well and truly screwed over! this will open 40 or 50p when it's back on the LSE...or even in the teens. I would be careful buying anything in retail, or high-street presently. High Street Rates, wages, shop rents, and it's a low-value bakery at the end of the day. Granted they sell fifty-quid cakes, but expensive ingredients, time-consuming making them, then there can't be too much profit in them surely?!. Also combine worries in the UK, this type of luxury is something that goes immediately, and people buy the ten quid Asda cakes! But it's AIM, it's what's to be expected at times. I do feel for the people who have lost.
That's Aim you win or lose. Place your bets red or black.
and print it off - and collect their fee, they are as much use a chocolate teapot from the cake shop
My sincere sympathy for all share holders here. It could have happened to anyone but I hope you won't give up investing on AIM in the future. There are also some really good companies as well. As a example of a spectacular collapse let me mention just one once big name : Carillion. Good luck.
A loss of £38M in effect. Id be reclaiming the auditor's fee for starters ! Wonder if connected to the rents etc or what.
I expect their cakes n coffees are about to rise 50%.
They give the impression made on site... Nope... Many a time ive stumbled in at 4am or so and seen the lorry dropping them off lol oh well. All is certainly not as it seems with CAKE.
The auditors need an auditor. What a joke it all is.
Aim- Another Investor Mugged.
AIM - alternative investment market - you betcha it is
What happens when Chris Marsh gives evidence in any court And the truth comes out potentially implicating others? Will there be any confidence from investors? I reckon shares will open at 45p next week. Only 10% of the “value” a couple of weeks ago!