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Thu 11th Oct 2018 - Patisserie Holdings doesn’t have finances to ‘continue trading in current form without cash injection’
Patisserie Holdings doesn’t have finances to ‘continue trading in current form without cash injection’: Patisserie Holdings has revealed it doesn’t have the finances to continue trading in its current form without an immediate injection of capital. It stated: “The company, in conjunction with its professional advisers, has during the past 24 hours undertaken further investigation into the financial status of the company. The board has now reached the conclusion there is a material shortfall between the reported financial status and the current financial status of the business. Without an immediate injection of capital the directors are of the view there is no scope for the business to continue trading in its current form. As a consequence, the directors and the company’s professional advisers are assessing all options available to the business to keep it trading and will update the market in due course.” Yesterday (Wednesday, 10 October), the Luke Johnson-chaired company suspended its shares on AIM and its chief financial officer Chris Marsh after the discovery of “potentially fraudulent accounting irregularities”. It added at the time: “This has significantly impacted the company’s cash position and may lead to a material change in its overall financial position. As a result the company has requested its shares be suspended from trading on AIM while it conducts a full investigation with its legal and professional advisers into its true financial position. In the meantime, Chris Marsh has been suspended from his role.” Later in the day, it also revealed a winding-up petition relating to an unpaid tax bill of £1.14m. The company and its advisers have been in communication with HM Revenue & Customs with the objective of addressing the petition.


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