Patisserie Valerie says accounting scandal worse than thought

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The Serious Fraud Office has said it is investigating an individual involved in the matter but has not named the person in question.

Another top director has resigned from Patisserie Holdings PLC (LON:CAKE) in the wake of discovering a £40m gap in its accounts.

On Tuesday evening Patisserie Holdings said, "The work carried out by the company's forensic accountants since October has revealed that the misstatement of its accounts was extensive, involving very significant manipulation of the balance sheet and profit and loss accounts".

Mr Ginsberg stepped down from his position as chairman of the company's audit committee in December to be replaced by new board member Jeremy Jensen.

The company confirmed that RSM have been appointed auditors, but due to the fraud and attendant accounting issues it will be some time to complete a restatement of the business' accounts and prepare the audited figures to 30th September 2018.

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Shares in Patissiere Holdings remain suspended.

The Birmingham-headquartered listed company behind Patisserie Valerie has brought in KPMG to explore its options after revealing that its accounting crisis was deeper than previously expected.

Patisserie Valerie was granted a standstill of its banking facilities until Friday of this week, protecting it from action to recover debts, and is in talks with its lenders to extend the agreement.

Bakery and cafe chain Patisserie Valerie (CAKE.L) said late on Wednesday that the multimillion fraud on its books discovered a year ago is far more significant than first thought, involving "thousands of false entries into the Company's ledgers". The new update says that £12m was an overestimate.

It said it would take some time before a reliable trading outlook could be completed while the work streams progressed.

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