Patisserie Holdings PLC Company Update (8074N)

TIDMCAKE

RNS Number : 8074N

Patisserie Holdings PLC

22 January 2019

For immediate release

22 January 2019

Patisserie Holdings plc

Company Update

Patisserie Holdings plc (AIM: CAKE) ("PH" or the "Company") announces today that, as a direct result of the significant fraud referred to in previous announcements, it has been unable to renew its bank facilities, and therefore regrettably the business does not have sufficient funding to meet its liabilities as they fall due.

As a consequence, the Directors have appointed partners at KPMG as administrators to the Company and its various subsidiaries.

The Chairman Luke Johnson has personally extended an unsecured, interest-free loan to help ensure that the January wages are paid to all staff working in the ongoing business ("the Loan"). This Loan will also assist the administrators in trading as many profitable stores as possible while a sale process is undertaken.

As a Director, and due to the size of his holding, the entering into the Loan by Luke Johnson will be deemed to be a transaction with a related party under Rule 13 of the AIM Rules. The independent Directors consider, having consulted with Canaccord Genuity, acting in its capacity as the Company's Nominated Adviser, that the terms of the Loan are fair and reasonable insofar as the Company's shareholders are concerned.

Enquiries:

   Patisserie Holdings plc                        [phone] 

Luke Johnson, Executive Chairman

Steve Francis, CEO

Nomad and Broker

   Canaccord Genuity Limited                 [phone] 

Chris Connors

Henry Fitzgerald-O'Connor

Financial Public Relations

   Maitland                                              [phone] 

Sam Cartwright

Jonathan Cook

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January 22, 2019 11:51 ET (16:51 GMT)