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Patisserie Valerie’s finance director quit the company today, the cake shop told investors.
Chris Marsh, who was suspended from his role earlier this month when the sweet treats baker warned it had spotted accounting irregularities, has resigned with immediate effect.
“Following the suspension of Chris Marsh on 9 October 2018, the Company has now accepted his resignation as the company’s finance director with immediate effect, while reserving its position in respect of any potential claims it may have against him,” parent company Patisserie Holdings told investors.
Marsh was arrested and subsequently bailed with no charges as police probe a £40m black hole in Patisserie’s accounts.
An investigation by the Serious Fraud Office (SFO) is also underway.
Chairman Luke Johnson loaned £20m of his own money to plug the gap in the under-pressure bakery’s finances, while it also issued 30m shares to raise £15m.
Patisserie Valerie is currently investigating the issuance of two sets of 1m and 666,666 shares to chief executive Paul May and Marsh respectively.
The 2015 and 2016 option grants were not appropriately disclosed and accounted for in Patisserie’s financial statements, the company said.
More to follow.
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