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City watchdog launches probe into Patisserie Valerie auditor

Wed, 21st Nov 2018 09:27

(Sharecast News) - Grant Thornton is being investigated by the Financial Reporting Council over its role in the near collapse of café business Patisserie Holdings.The City watchdog said it was investigating three years worth of audits at Patisserie Valerie that were carried out by the accountancy firm between 2015 and 2017.It will also investigate the preparation and approval of financial statements by former Patisserie Holdings chief financial officer Christopher Marsh, who is an accountant and member of the accountancy body ICAEW.Investigations can take up to two years, the FRC said, with the range of sanctions available ranging from a reprimand and fines to excluding firms from being members of supervisory bodies.Patisserie Holdings, which owns the Patisserie Valerie chain of cafes, faced collapse in October when it discovered a £40m black hole in its accounts.Majority shareholder and chairman Luke Johnson stepped with £20m of loans to keep the business going. Investors then backed Johnson's £15m rescue plan, although many were scathing about the terms of the deal, which includes a deeply discounted rights issue.Marsh has been arrested, although he has not been charged, and was initially suspended before resigning. Chief executive Paul May has also left.The audit market is coming under increasing scrutiny and is already being probed by the Competition and Markets Authority. That investigation is addressing long-standing concerns that there is a lack of competition between accountancy firms, especially the Big Four, which could be affecting the quality of audits.Grant Thornton is a smaller rival to Deloitte, KPMG, EY and PwC. It was recently fined £3m for misconduct relating to its handling of the financial audits of Nichols, owner of soft drink Vimto, and the University of Salford.Grant Thornton told Reuters it would "fully co-operate" with the FRC probe.As well as the FRC investigation, the Serious Fraud Office has launched an unnamed individual over the Patisserie Valerie accounting scandal.

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12 Oct 2018 09:16

Patisserie Holdings gets £20m cash injection from chairman, raises £15m

(Sharecast News) - Patisserie Holdings said on Friday that chairman Luke Johnson will provide the company with loans of £20m while it raises another £15m through a heavily-discounted equity placing, as it battles to stay afloat after discovering a multimillion pound black hole in its accounts.

11 Oct 2018 13:34

Patisserie Holdings will cease trading without immediate capital injection

(Sharecast News) - A day after warning over potential fraud and revealing that it had received a winding up order from HMRC over unpaid tax, Patisserie Holdings said it would not be able to keep trading in its current form without an immediate injection of capital.

11 Oct 2018 13:33

TOP NEWS: Patisserie Holdings Requires "Immediate" Cash To Keep Going

LONDON (Alliance News) - Patisserie Holdings PLC on Thursday said it requires "immediate" funding to keep going, with there being a significant difference between the true and reported a

10 Oct 2018 14:27

UPDATE: Patisserie Valerie Receives Winding Up Petition For Core Unit

LONDON (Alliance News) - Embattled cafe chain operator Patisserie Holdings PLC has received a winding up petition for its principal trading unit Stonebeach Ltd for GBP1.1 million owed to the UK up

10 Oct 2018 12:02

LONDON MARKET MIDDAY: Pound Steady After UK's Flat GDP Growth Reading

LONDON (Alliance News) - While off some of Wednesday's earlier lows, stocks in London remained listless at midday."There are a number of worries for investors right now, from the pace of and

10 Oct 2018 08:42

LONDON MARKET OPEN: HSBC Settles US Claims; Hole Found In Patisserie

LONDON (Alliance News) - Stocks in London opened mixed on Wednesday amid lingering worries on global growth, while cafe chain Patisserie Holdings requested its shares be suspended a

10 Oct 2018 08:20

TOP NEWS: Patisserie Valerie Discovers Accounting Hole; CFO Suspended

LONDON (Alliance News) - Shares in Patisserie Holdings PLC were suspended on Wednesday after the company said it discovered "significant and potentially fraudulent" accounting cafe which

10 Oct 2018 08:02

Patisserie Holdings gets winding up order over unpaid tax, warns over potential fraud

(Sharecast News) - Things went from bad to worse for Patisserie Holdings on Wednesday as the company said it has received a winding up petition for its main trading subsidiary, Stonebeach, for £1.14m in tax owed to HMRC, having earlier warned of potentially fraudulent accounting irregularities.

29 Jun 2018 18:06

DIRECTOR DEALINGS: Patisserie Holdings Non-Exec Sells 40,000 Shares

LONDON (Alliance News) - Patisserie Holdings PLC said Friday Non-Executive Director Lee Ginsberg sold 40,000 shares.Ginsberg sold the shares at 469 pence each for a total consideration of

24 May 2018 16:10

UK Dividends Calendar - Next 7 Days

Friday 25 May NewRiver REIT dividend payment dateClarke (T)dividend payment Trust UK

15 May 2018 11:23

Christmas Reindeer Slice Helps Lift Patisserie Holdings Profit 14%

LONDON (Alliance News) - Patisserie Holdings PLC said Tuesday its first-half pretax profit grew 14% due to a good Christmas build-up and strong sales of a chocolate festive treat.For the a

8 May 2018 16:09

UK Earnings, Trading Statements Calendar - Next 7 Days

Wednesday 9 May Coca-Cola HBCQ1 ResultsIAGMay Traffic Statistics (at 1500 Year Year 10 11

3 Feb 2017 16:09

UK Dividends Calendar - Next 7 Days

29 Nov 2016 10:23

Patisserie Holdings notches up 10th consecutive year of revenue and profit growth

(ShareCast News) - Patisserie Holdings, which owns the Patisserie Valerie brand, reported an 18% rise in pre-tax profit for the year to the end of September as revenue grew and the company said it saw little or no impact on sales from the Brexit vote. Statutory pre-tax profit increased to £17.2m fro

22 Nov 2016 16:20

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