logo-loader
viewPatisserie Holdings

Suspended Patisserie Valerie finance boss Chris Marsh arrested on suspicion of fraud

“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”

patisserie valerie
Marsh, who was suspended by his employer earlier this week, was arrested last night

The chief financial officer of Patisserie Holdings PLC (LON:CAKE), the parent company of crisis-hit cake shop chain Patisserie Valerie, has been arrested on suspicion of fraud.

A spokesperson for Hertfordshire Police said: "A 44-year-old man from St Albans has been arrested on suspicion of fraud by false representation. He has been released under investigation."

The case has been passed on to the Serious Fraud Office which is now leading the investigation.

READ: Administrators ‘on stand-by’ at Patisserie Valerie

Marsh was suspended by the AIM company earlier this week while it investigated “significant, and potentially fraudulent, accounting irregularities” which have left it on the verge of bankruptcy.

The company then followed that up a few hours later by revealing it had just found about a winding-up petition from HMRC over a £1.1mln tax bill, despite the order being issued last week.

Capping it all off was an announcement on Thursday afternoon, stating that the company’s actual financial position was worse than feared and that an “immediate injection of capital” would be needed to stop the business from going bust.

READ: How did it come to this? Patisserie Valerie left begging for money

Reports on Friday morning suggested administrators from PwC were on standby and could be brought in as early as today.

The barely believable saga has left investors scratching their heads; a seemingly healthy, profitable company on Tuesday could be wound up by Friday.

Quick facts: Patisserie Holdings

Price: - -

AIM:CAKE
Market: AIM
Market Cap: -
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Full interview: Impax Asset Management reveals key themes investors should...

Impax Asset Management Group PLC (LON:IPX) Head of Client Services and Business Development David Richardson tells Proactive key themes investors should look out for in 2020.  Richardson says he's seeing expansion in developing renewable energy projects in Europe, increased interested in...

22 hours, 2 minutes ago

2 min read