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Thu 20th Dec 2018 - Update: Patisserie Valerie appoints RSM as new auditor
Patisserie Valerie appoints RSM as new auditor: Patisserie Valerie has appointed RSM as its new auditor as the company contends with a Serious Fraud Office investigation into a £40m black hole in its accounts. RSM, the seventh largest auditing firm in the UK, will be tasked with restating Patisserie Valerie’s prior accounts over the coming months before the company reaches a deadline to relist its shares in April, reports The Times. Patisserie Valerie, which was floated on the AIM market in 2014 by Luke Johnson, suspended trading of its shares in October after the discovery of “significant, potentially fraudulent accounting irregularities” that brought it to the brink of collapse. Patisserie Holdings, its parent company, started the search to replace Grant Thornton, its auditor, last month. Grant Thornton’s audits of Patisserie Holdings’ accounts for 2015, 2016 and 2017 are under investigation by the Financial Reporting Council, the audit watchdog. RSM, which traces its origins back to 1865, audits about 55 companies on London’s junior index. It was called Baker Tilly before it acquired the trading subsidiaries of RSM Tenon in 2013. Patisserie Valerie will become RSM’s most prominent audit client. The emergence of the £40m hole in its accounts led to its share suspension and the arrest of Chris Marsh, its chief financial officer. He has been placed on bail and is being investigated by the Serious Fraud Office. Marsh resigned in October, while Paul May, the chief executive, did so last month and was replaced by turnaround specialist Steve Francis. 

Propel launches Leadership Summit, open for bookings: Propel is launching the Leadership Summit, which will see a select group of the sector’s most experienced bosses share their expertise on leadership. The full-day event, in partnership with Elliotts, will take place on Tuesday, 12 February at One Moorgate Place and is open for bookings. Speakers will include Will Stratton-Morris, chief executive of Caffe Nero, who will talk about building high-performance teams. Alasdair Murdoch, chief executive of Burger King, speaks about the role of leadership in business turnarounds. Elliotts chief executive Ann Elliott will talk to Des Gunewardena, chief executive of D&D London, about the lessons of leadership he has picked up in his career in the sector. Duncan Garrood, chief executive of Ten Entertainment, will give his views on leadership and the customer experience, while Jo Fleet, managing director of Flat Iron, will talk about empowering people and trust and getting the team to “buy in” through clear communication and vision. Mark Jones, chief executive of Carluccio’s, will explain how the company is building the quality and skillsets of its general managers to lead the business out of decline. Simon Townsend, chief executive of Ei Group, will give his views on the challenges of leadership during a period of immense change and Zoe Bowley, managing director of PizzaExpress, will give her top ten tips on leadership. Meanwhile, Loungers founder Alex Reilley will talk about the adaptations involved in growing a business from one site to more than 100, celebrating success and the art of succession, while Ann Elliott will give her views on the power of mentoring to grow talent in organisations. Propel managing director Paul Charity said: “With the industry facing such challenging times, effective leadership has never been more important. This is an unmissable opportunity to learn from high-profile leaders in our sector.” Prices are £295 plus VAT for Premium members, £345 plus VAT for operators and £445 plus VAT for suppliers. To book, email anne.steele@propelinfo.com

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