Patisserie Valerie: Four folks face fraud fees over bakery chain’s collapse

Four folks have been charged in reference to the collapse of Patisserie Valerie – a bakery chain that after had virtually 200 shops.

The Serious Fraud Office (SFO) stated it associated to an investigation that started in October 2018 – simply two days after the corporate abruptly suspended buying and selling, with greater than 900 jobs and 70 websites subsequently misplaced.

Christopher Marsh, who previously served as Patisserie Holdings’ chief monetary officer, is amongst these going through fees.

His accountant spouse Louise – in addition to monetary controller Pritesh Mistry and monetary guide Nileshkumar Lad – have additionally been charged.

“The SFO has charged all four suspects with conspiring to inflate the cash in Patisserie Holdings’ balance sheets and annual reports from 2015 to 2018, including by providing false documentation to the company’s auditors,” a press release stated.

“During this time, the company also reported holding £28m in accounts, yet concealed £10m in debts from its investors and creditors.”

The 4 people are attributable to seem earlier than Westminster Magistrates Court subsequent month for the fees to be formally learn.

Lisa Osofsky, director of the SFO, added: “Patisserie Valerie’s abrupt collapse rocked our high streets – leaving boarded-up shops, devastating job losses and significant investor losses in its wake.

“Today is a step ahead in attending to the underside of this scandal.”

The felony case has run separate to wider investigations into failures related to the corporate’s demise.

Accountancy agency Grant Thornton was fined £2.34m in 2021 by the trade’s watchdog.

The Financial Reporting Council’s conduct inquiry discovered “serious lack of competence” in its audits of the cake chain, declaring that “red flags” have been missed.