22 Jan 2019 18:19
For immediate release
22 January 2019
Patisserie Holdings plc
Correction: Company Update
The announcement below now includes the quantum of the loan amount. All other information remains unchanged.
Patisserie Holdings plc
Company Update
Patisserie Holdings plc (AIM: CAKE) ("PH" or the "Company") announces today that, as a direct result of the significant fraud referred to in previous announcements, it has been unable to renew its bank facilities, and therefore regrettably the business does not have sufficient funding to meet its liabilities as they fall due.
As a consequence, the Directors have appointed partners at KPMG as administrators to the Company and its various subsidiaries.
The Chairman Luke Johnson has personally extended an unsecured, interest-free loan of £3.0 million to help ensure that the January wages are paid to all staff working in the ongoing business ("the Loan"). This Loan will also assist the administrators in trading as many profitable stores as possible while a sale process is undertaken.
As a Director, and due to the size of his holding, the entering into the Loan by Luke Johnson will be deemed to be a transaction with a related party under Rule 13 of the AIM Rules. The independent Directors consider, having consulted with Canaccord Genuity, acting in its capacity as the Company's Nominated Adviser, that the terms of the Loan are fair and reasonable insofar as the Company's shareholders are concerned.
Enquiries:
Patisserie Holdings plc +44 (0)121 777 7000
Luke Johnson, Executive Chairman
Steve Francis, CEO
Nomad and Broker
Canaccord Genuity Limited +44 (0)20 7523 8000
Chris Connors
Henry Fitzgerald-O'Connor
Financial Public Relations
Maitland +44 (0) 20 7379 5151
Sam Cartwright
Jonathan Cook
END