Patisserie Share Discussion Threads

[buywell3] 27/12/2018 20:40

Chart support is 300p

But will that hold ?

Timing of the next news might not be the best

[bbmsionlypostafter] 26/12/2018 15:00

I didn't post negatively, I posted factually.

PE 1486 DOES contain a story on pg. 42 drawing comparisons between CAKE's accounts & latest Bread Holdings (Gails) accounts/numbers.

It's some unhappy head-in-the-sand holder who is going to lose a fortune when/if this ever comes back.

[owenski] 26/12/2018 14:37

Has Luke Johnson secretly opened an ADVFN account and is ticking the 'thumbs down' on anyone who posts negatively. lol

[bbmsionlypostafter] 26/12/2018 10:59

New Private Eye article in edition 1486, pg. 42 drawing comparisons between CAKE's accounts & latest Bread Holdings (Gails) accounts/numbers.

[opodio] 24/12/2018 23:48

Still cant add some deets to Luke Johnsons wiki page

[opodio] 24/12/2018 23:46

pritesh mistry
Financial Controller at patisserie holdings ltd

Leicester, United KingdomAccounting
Current
Patisserie Holdings Plc
Previous
le pain croustillant, fishworks plc, Selfridges & co
Education
staffordshire university





Fishworks again

[grahamburn] 24/12/2018 16:25

The Times seems to have its ear to the ground at Patisserie Valerie, though, yet again, the bulk of the news item simply repeats "old news":

Patisserie Holdings finance team heads for door
Dominic Walsh, Tabby Kinder
December 24 2018The Times

At least three members of the Patisserie Holdings team have left the company after the arrest of its chief financial officer and the discovery of a £40 million black hole in its accounts.

The Times has learnt that one of the members of Chris Marsh’s team that left is Pritesh Mistry, its financial controller and Mr Marsh’s No 2. An accounts payable manager and an accounts assistant have also gone. The company declined to say why they had left or even confirm that they were no longer with the business. None of the three responded to attempts to contact them for comment.

Patisserie Valerie, which was founded in 1926, was acquired by Luke Johnson in 2006. He floated it as Patisserie Holdings in 2014 and it now operates 206 cafés plus 60 branded counters selling cakes in Sainsbury’s stores.

Mr Marsh was suspended on October 10 after the board found “significant, potentially fraudulent accounting irregularities”;. He was arrested and released on bail pending the results of a Serious Fraud Office investigation.

The company has also parted ways with Paul May, its chief executive, and Grant Thornton, its auditors. Lee Ginsberg has relinquished his role as chairman of the audit committee, although he is still the deputy chairman and a non-executive director.

Mr Johnson, the executive chairman, led a rescue of Patisserie Holdings in October by making two £10 million loans to the business, one of which was repaid from a £15.7 million share issue. It was priced at 50p compared with the 429½p at which the shares were trading when they were suspended that month.

Patisserie Holdings would not confirm whether or not the finance team members were still with the company

[sikhthetech] 24/12/2018 10:58

Merry Christmas all.

[ntv] 23/12/2018 17:18

def knew what was going on

[tradejunkie2] 23/12/2018 16:09

Oh dear!

Patisserie Valerie boss Luke Johnson was warned over late payment

Creditors confronted Patisserie chief years ago

The executive chairman of Patisserie Holdings was warned about its suppliers and landlords being paid late on several occasions years before the café chain revealed a £40 million black hole in its finances, it has been claimed.

[tradejunkie2] 22/12/2018 15:19

Luke Johnson on What Makes a Successful Entrepreneur

[tradejunkie2] 22/12/2018 15:16

The cake is certainly delicious

[dmipne] 20/12/2018 12:20

Isn’t this is a reincarnation of the previously quoted firm of accountants RSM Tenon that went bust because they cooked their own books?

[bbmsionlypostafter] 19/12/2018 22:34

Patisserie Valerie turns to RSM after books cooked

[hpcg] 19/12/2018 10:20

Turns out the best way to high margins is don't pay the bills.

Edit - It would have to be a lot less than 2 years before I issued proceedings against a company that didn't pay for services rendered.

[johnwise] 18/12/2018 06:43

Patisserie Valerie supplier 'tuned up at cafe chain's offices with baseball bats because of late payments'

Others to have suffered include a photography business that did not receive payment for its services for two years and wholesalers Brakes and Booker which refused to supply Patisserie Valerie after it failed to settle its credit bill.

A spokesman said: 'The new management team is working through these issues as a priority.'

[lefrene] 18/12/2018 02:58

I wouldn't be surprised if they try to turn it into a franchise operation. LJ is the ultimate salesman so it might have a short reprieve selling franchises, but I suspect that a high percentage of punters would swiftly regret parting with their cash if the business model depended on taking £200 an hour for every trading hour of the week, which is what the last figures implied. Figures of course which are now under question!

[bookbroker] 17/12/2018 10:06

It’s kinda difficult seeing this ever return to the stock market, the externals audits continuing, but is this business even sound enough in its existing format!

[pugugly] 17/12/2018 08:20

Interesting - Looks as though many suppliers invoices may have been hidden in the bottom drawer - Could this account for part of the missing cash?
However from the article seems as though cash flow had been a significant problem for a considerable time -

or -

[nobbygnome] 15/12/2018 20:58

Went past the Henley PV twice last week. There were 4 people in it first time and six the second! That shop is not turning over very much....

[tradejunkie2] 15/12/2018 12:39

Are these guys busy eating cake ?

Did they forget to turn on the stock pricing?

[steptoes yard] 14/12/2018 10:14

More like objective commentary than negative opinions for me

[owenski] 12/12/2018 13:25

"Wiki page being policied so nothing new negative goes on"


That's ok, the negative opinions are all stored on here, lol

[pugugly] 12/12/2018 13:19

bbm - Most interesting - Thanks - (imo - all credability that he may have had has been lost and his books (after being remaindered) will end up at Harvard Business School as a "how to take your eye off basic fundamentals while basking in apparent glory as a geru!!) case hisory.