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" It's a cake shop!!!! (OK a bunch a cake shops) so how difficult can it be to have produced a set of figures for the past three months."
probably not diffcicult...but time consuming...in that they may well have started from scratch and re entered every receipt and re constructed the accounts from scratch .....often easier than trying to work from a "mess"
With all the store expansion opening costs I seemed very strange that they still had £28m in the bank ...and that £450m valuation, before the s**t hit the fan, did seem extremely lofty
With Johnson sitting on the board of at least 17 operating companies, more than half of which he chairs....it is no wonder he didnt see what was going on ......head in the clouds but his feet fell through the trap door on the floor
and you had luje johnson doing write ups in the sunday times business section giving his tuppence
shareholders will end up paying the price - they are not to blame
It's a cake shop!!!! (OK a bunch a cake shops) so how difficult can it be to have produced a set of figures for the past three months.
Probably could have done it using a simple Excel spreadsheet.
The jokers appear to have been replaced with more jokers.
Clearly the internal controls were non-existent. The guy must have been cooking the books like Bernie Madoff did for clients' statements over ten years ago.
Just when I was thinking it couldn't get any worse.
Quite.....not something for ones CV!
Funny there is no mention of Patisserie Valerie on the departing directors own website. Wonder why?
Think there could be some wait for relisting yet DeepestBlue
The 'rescue' share issue was around 50p I believe. Depends on what news comes out prior to relisting whether it is 50p, 50p! The first few minutes of trading will be volatile I would suggest, because the market makers will be as much in the dark as everyone else.
50p open?
Non Exec 'resignation'.
Interesting wording, if t were a reference you wouldn't consider it 'glowing;
According to their November RNS they have to agree something with their banks by this coming Friday.
I can’t help wondering that if I was the banker to Patval whether I would have looked at their accounts to see if my loan was shown on the balance sheet as a loan or as a deposit! Bizarre.
Luke Johnson does seem to have run into a few problems recently - latest being Brighton Pier Group. Yet he does not lose out as we PIs do. He seems to milk before the demise.
Pat Val may be still open for business - but there are fraud implications - and Johnson may yet be snared.
With respect any share that has collapsed and has entered liquidation (Carillion anyone?) is far worse. I cant name them all but there will be several. At least this company is still breathing, not in administration and its shops are trading.
This one takes the biscuit for 2018 (sorry).
... or MORE, URA,VAST . So many contenders.
Got to be AST
Can anyone name a worse run company than this in 2018? Absolute joke of a company with a chairman who claims to be a business guru.
Oh dear!
Seems they can't even get the auditor's name right.
New auditor appointed. Better late than never... But, at least, things are moving forward.
Read quite a lengthy article in 'The Times' today about PV. Think some Government committee is going to include PV in a list of companies being investigated who apply lengthy settlement terms with suppliers and at times exceed even that. Seems these criticisms pre-date the October revelations, and were at least partly as a result of an internal whistleblower at the firm. Certain catering suppliers (I think Brakes is one) will no longer supply PV.
Is the rescue funding actually received now? PV seems to me to be a viable company who is in an absolutely disastrous mess. The rescue package was completed at I believe 50p for each new share. At the moment I'm not sure whether the market will rate it at <50, 50 or >50 at relisting. I certainly wont rush in on the first day or trading, think Ill be sitting with a coffee looking at the screen first.
I wonder if the share price will remain above 50p? I think what we can all expect is for the price to crash when it's free to trade it again.
I had two holdings in different portfolios. I sold one in August 2018 at about 416p. I did not see this coming, but had more general concerns about the retail landscape, consumer spending and overcapacity in the casual dining sector. I feel annoyed I didn't sell the other holding!
Anyone heard when this is coming back to market?
Probably not until Q1 2019, as the inevitably bad Xmas headlines would deliver very negative publicity.
Wonder if they will try and sneak it through in March amid the inevitable Brexit hysteria that month. Good time to bury bad news, etc.
'Kin 'ell, Just looked at the Gails website at the prices of their loaves. Wonder if they have heard that if your prices are too high you don't sell enough to cover your fixed costs? £12 for a loaf? I get mine from Morrisons with a yellow sticker on
Luke Johnson will claim that he has so many business interests that he was unaware of the issues at Gail’s. To rectify this he is going to sell Gail’s to PV for 3 times it’s real value making himself richer and reducing the share price of PV further. He will then take PV private for £50m again making him much richer. Small shareholders lose but who cares as long as the rich get richer.