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Patisserie Valerie warns of potential fraud
http://www.x404.co.uk/forum/viewtopic.php?f=19&t=27622		 Page 1 of 1
Author:  paulzolo [ Wed Oct 10, 2018 9:00 am ]
Post subject:  Patisserie Valerie warns of potential fraud
Quote:
Image
Shares in Patisserie Valerie have been suspended after the cafe chain discovered "significant, potentially fraudulent, accounting irregularities".

The company said these could cause a "potential material" mis-statement in its accounts.

https://www.bbc.co.uk/news/business-45805647
Author:  l3v1ck [ Wed Oct 10, 2018 9:29 am ]
Post subject:  Re: Patisserie Valerie warns of potential fraud
Not quite Nick Leeson, but somebody is going to jail.
Author:  paulzolo [ Thu Oct 11, 2018 1:10 pm ]
Post subject:  Re: Patisserie Valerie warns of potential fraud
On the brink of collapse.

Quote:
The owner of Patisserie Valerie has said the chain needs "an immediate injection of capital" to continue trading in its current form.

The stark statement to investors comes after the firm uncovered "significant, and potentially fraudulent, accounting irregularities".

https://www.bbc.co.uk/news/business-45824285
Author:  hifidelity2 [ Fri Oct 12, 2018 9:13 am ]
Post subject:  Re: Patisserie Valerie warns of potential fraud
..and I was going to order a cake from them
Author:  paulzolo [ Fri Oct 12, 2018 10:24 am ]
Post subject:  Re: Patisserie Valerie warns of potential fraud
Quote:
Patisserie Valerie says finance chief arrested

The owner of Patisserie Valerie has said its finance director Chris Marsh was arrested last night and then released on bail.

The cafe chain is fighting for survival after revealing on Wednesday it had uncovered "significant, and potentially fraudulent, accounting irregularities".

https://www.bbc.co.uk/news/business-45833597

hifidelity2 wrote:
..and I was going to order a cake from them

The price of a pot of tea is really steep - £2.90. Compare that to other places which charge a good £1 or so less. It’s not like you’re paying for fancy surroundings either - the two I know - Chelmsford and Colchester - all seem a little careworn and tired. Still, we do like to indulge in takeaway cake from time to time.
Author:  l3v1ck [ Fri Oct 12, 2018 12:22 pm ]
Post subject:  Re: Patisserie Valerie warns of potential fraud
We have one in town. Never been in there bause although it looks very nice, it's also very expensive. We tend to end up in Bakers + Baristas instead.
Author:  cloaked_wolf [ Fri Oct 12, 2018 3:15 pm ]
Post subject:  Re: Patisserie Valerie warns of potential fraud
paulzolo wrote:
The price of a pot of tea is really steep - £2.90.


I got charged that for a polystyrene cup of tea at the NEC recently. I love Patisserie Valerie cakes, my favourite being the blackforest gateaux one. We tend to buy PV birthday cakes for birthdays too.
Author:  paulzolo [ Sun Oct 14, 2018 8:56 pm ]
Post subject:  Re: Patisserie Valerie warns of potential fraud
cloaked_wolf wrote:
paulzolo wrote:
The price of a pot of tea is really steep - £2.90.


I got charged that for a polystyrene cup of tea at the NEC recently. I love Patisserie Valerie cakes, my favourite being the blackforest gateaux one. We tend to buy PV birthday cakes for birthdays too.


Yeah - the black forest gateau is nice. I like their cheesecakes, but I find the volume to cheese too great, so I tend to have to eat one slice in two sittings.
Author:  paulzolo [ Sun Oct 14, 2018 8:58 pm ]
Post subject:  Re: Patisserie Valerie warns of potential fraud
Meanwhile:

Quote:
The board of Patisserie Valerie discovered the existence of two "secret" company bank overdrafts this week, according to boss Luke Johnson.

The entrepreneur told the Sunday Times that £9.7m had been spent in two overdrafts set up with HSBC and Barclays.

Mr Johnson said neither he, the board, nor the auditors had known that the firm had bank overdraft facilities.

https://www.bbc.co.uk/news/business-45854817

Good grief.
Author:  hifidelity2 [ Mon Oct 15, 2018 11:11 am ]
Post subject:  Re: Patisserie Valerie warns of potential fraud
It does make you wonder what the auditors do for their money if they cant find £9+M of overdraft facilities
Author:  big_D [ Mon Oct 15, 2018 2:41 pm ]
Post subject:  Re: Patisserie Valerie warns of potential fraud
cloaked_wolf wrote:
paulzolo wrote:
The price of a pot of tea is really steep - £2.90.


I got charged that for a polystyrene cup of tea at the NEC recently.

I got charged £10 for a cup of tea at a Holiday Inn in the early 90s! I was early and waiting for a course to begin, so I ordered a cup of tea... I didn't think anything about it, until I went to pay and they said that I couldn't just have a cup of tea in the waiting area, the tea was part of the breakfast buffet, just they had forgotten to tell me that, until I was leaving!
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