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Fri 12th Oct 2018 - Patisserie Holdings CFO arrested
Patisserie Holdings CFO arrested: Patisserie Holdings has revealed its chief financial officer Chris Marsh, who was suspended this week after the company discovered “potentially fraudulent accounting irregularities”, has been arrested. The company stated: “The company has been made aware that Chris Marsh, who is currently suspended from his role as company finance director, was arrested by the police last night and has been released on bail. Further updates will be released in due course as appropriate.” Marsh was suspended on Tuesday (9 October) after the discovery of accounting irregularities that had a significant impact on the company’s cash position. Reports have suggested there may be as much as a £30m black hole in the accounts. The Luke Johnson-chaired company also suspended its shares on AIM. Later in the day, the company 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. Yesterday (Thursday, 11 October), Patisserie Holdings revealed it didn’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.”


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