Patisserie Holdings Plc Share News (CAKE)

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Patisserie Holdings' woes worse than originally thought

Wed, 16th Jan 2019 16:02

(Sharecast News) - Scandal-hit Patisserie Holdings, which discovered a £40m black hole in its accounts last year, said on Wednesday that it had discovered thousands of false entries into its ledgers and that its profitability was likely to be much lower than it originally estimated.The owner of the Patisserie Valerie and Druckers Vienna Patisserie chains said that its forensic accountants had found the misstatement of its accounts to be "extensive", with "very significant" manipulation of the balance sheet and profit and loss accounts."Among other manipulations, this involved thousands of false entries into the company's ledgers. It will take some time before a reliable trading outlook can be completed while the above work streams progress," it said."The initial indications from the work carried out to date is that the cash flow and profitability of the business has been overstated in the past and is materially below that announced in the trading update on 12 October 2018, which was based on limited work carried out over a 48-hour period."The company had said back in October that it had net debt of around £9.8m. It estimated that annual revenue and earnings before interest, taxes, depreciation and amortisation before exceptional one-off costs for the year ending 30 September 2019 could be approximately £120m and £12m, respectively. However, it also stressed at the time of the update that these amounts were based on the limited work that had been performed to date.Patisserie has hired KPMG to assist it in carrying out a review of all the options available to recover from the "devastating effects" of the fraud, and to preserve value for its stakeholders.In addition, the group - whose executive chairman Luke Johnson put up a £20m rescue package in October 2018 - has also been in talks with its bankers to extend the standstill of its bank facilities beyond 18 January.Patisserie confirmed that RSM were appointed auditors today, but due to the fraud and attendant accounting issues it will be some time to complete a restatement of the company's accounts and prepare the audited figures to 30 September 2018.

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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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