The parent company of cake shop Patisserie Valerie has appointed an interim chief financial officer after Chris Marsh stepped down following his suspension amid an accounting scandal.
Nick Perrin, the former finance director of UK veterinary services firm CVS Group PLC (LON:CVSG), will serve as CFO of Patisserie Holdings PLC (LON:CAKE) until a permanent replacement for Marsh is found.
Marsh quit as CFO in October after he was suspended by the company following the discovery of a £40m accounting black hole. He was arrested in October on suspicion of fraud by false representation and released on bail.
Chief executive Paul May resigned in November and was succeeded by Stephen Francis, who was chief executive of pork farmer Tulip Ltd.
Francis has a track record of turning around businesses, including as the boss of Tulip and timber-frame houses maker Danwood Group as well as roles at Vion Food Group and Vita Group.
In a statement on Perrin’s appointment, Francis said: "I am pleased to welcome Nick to Patisserie Holdings. He brings with him the necessary experience to help strengthen the team as the Company works tirelessly to put the events of the past months behind it and look forward to the future.”
The Financial Reporting Council (FRC) is currently investigating the audits carried out by accountancy firm, Grant Thornton, for 2015, 2016, and 2017, as well as the preparation and approval of company financial statements by Marsh.
READ: Patisserie Valerie accountant Grant Thornton investigated over role in near-collapse
The accountancy regulator said that once the investigation process, which could take up to two years, was complete, it would decide whether to present a case against Grant Thornton and Marsh at a tribunal, which could result in fines or, in the case of individuals, banning them from practising as accountants.
The company was rescued from the brink by its chairman Luke Johnson, who injected £20mln of his own funds into the firm.