Patisserie Share Discussion Threads

[augustusgloop] 11/1/2019 11:13

That article just doesn't look right.

If they have the money now - how can it take 6 months to get the payments up to date?

They can't have that many large suppliers - so staff time should not be an issue.
An old invoice sitting on a desk - is either going to be paid or not paid - they are not going to be spending many hours now investigating if it was a false demand.

They must know that the old invoices are valid - if they have the money to pay - it would take minutes.

6 months from now is 9 months from identifying the problem.

Does this mean that the reality is that they don't have enough money (after the funds were raised) to pay the outstanding invoices.
Wouldn't that mean that they are insolvent - and should be wound up?

3 months on and shareholders are no better informed about the state of the Company than they were at the start.

[steptoes yard] 11/1/2019 08:22

"came close to collapse...."

Incorrect. It has collapsed. Irretrievably.

[masurenguy] 11/1/2019 08:18

A bit pointless posting a link to an FT article that is inaccessible behind a paywall. Here is an alternative source from another publication on the issue. No position

Patisserie Valerie ‘determined’ to sort supplier late payments

Embattled cake chain Patisserie Valerie has said it is “determined” to put right its past mistakes after being questioned by MPs over supplier payments.

In a letter to the Business, Energy and Industrial Strategy Committee, Patisserie Valerie’s interim finance chief Nick Perrin said new bosses at the firm were wading through a “large backlog” of unpaid invoices. He said they were “gradually” progressing in making overdue payments, but admitted there was still “much to do”. It comes after the firm came close to collapse in October following the discovery of a black hole in its accounts, when it was forced to raise emergency funds from chairman Luke Johnson to stay afloat. The future of the company was thrown into doubt after it uncovered fraudulent activity around its financial accounts and was served a wind-up order by the taxman over £1.14m owed to HM Revenue and Customs. At the time, it was also found there were a raft of unpaid invoices to suppliers, although the emergency cash injection is enabling the group to bring payments up to date.

In a letter to the Commons committee chairwoman Rachel Reeves, Mr Perrin said: “The group recognises its responsibilities to suppliers and is determined to correct the historical position. “This is a complex and time-consuming task. We are gradually ensuring that overdue payments are made and that terms agreed with suppliers are adhered to, but there remains much to do to complete this task.” He added payment processes are returning to normal, though he said it would be around six months before the firm’s payments data is in order. The response follows a request from the committee of MPs for information on payment practices at Patisserie Valerie. Ms Reeves said: “This response from Patisserie Valerie suggests that the new management are trying to clear up the mistakes of the past and get to grips with late payments to suppliers. “They have promised updated details on payment practices in six months and we shall hold them to that timescale.” She added: “It’s vitally important for SMEs that they are paid fairly and on time.”

Chris Marsh, former finance boss at Patisserie Valerie, was arrested on suspicion of fraud following the discovery of the accounting hole at Patisserie Valerie in October, but was later released. He has since left the group but is under investigation by the Financial Reporting Council (FRC), which is also probing Grant Thornton’s audit of Patisserie Valerie. Paul May, former boss of the beleaguered cake chain, was also forced to step down as a result of the scandal and has been replaced by Steve Francis.

[sikhthetech] 10/1/2019 20:59

Patisserie Valerie acknowledges supplier payment problems

[thegreatgeraldo] 10/1/2019 15:07

See Hugh F'ing-Witless is at it again tonight on thegogglebox, has to be bad news for folk peddling cake. Fat people must be dodgy Johnson's prime target

[owenski] 10/1/2019 15:03

"Going stale... Sour dough... Taking the biscuit"

Are there no end to these cake themed euphemisms

[phowdo] 10/1/2019 14:59

Sour dough.

[tradejunkie2] 10/1/2019 14:57

Embattled Patisserie Valerie chairman Luke Johnson now faces his bakery firm Gail's going stale

The parent company of Gail’s Bakery, chaired by Johnson, saw profits tumble to just £142,000 in the year to February 2018, down from £2 million the year before.

[tradejunkie2] 10/1/2019 14:56

That post certainly takes the biscuit.

[owenski] 10/1/2019 13:39

There are multiple layers to this fraud, each layer is not concrete but spongy with perhaps a chocolate flavouring, in between each layer maybe occasional cream or possibly jam, who knows. The only way to get to the bottom of this is with a fork.

[buywell3] 10/1/2019 13:31

Cake covers a multitude of different things

Results are lard @rses from bingeing sins

[tradejunkie2] 10/1/2019 13:20

It seems holders here are very quiet.

Are we busy eating cake?

I'd expect holders here to be posting news every minute of the day! Get to it. I want updates to this AIM car crash.

[bbmsionlypostafter] 10/1/2019 13:08

More trouble at PIER, another outfit where LJ is in charge.



Edited, has the correct link now.

[bookbroker] 08/1/2019 07:01

The longer this remains suspended the less likelihood it will return as a public company, more likely to be sold for a pittance, see how the business model stands the test of time and then come back, Johnson deserves to lose his shirt here for being totally ignorant of the underlying situation!

[owenski] 08/1/2019 06:52

Still, at least he's no longer writing a Times column telling us all how clever he is, that's gotta free up a bit of time for cake eating.

[masurenguy] 08/1/2019 00:42

Luke Johnson’s pledge rings hollow

The executive chairman of Patisserie Holdings retains dozens of directorships, despite vowing to scale back his other commitments to focus on saving the troubled café chain. Luke Johnson, one of Britain’s most high-profile entrepreneurs, holds board roles at 24 companies, including two other listed companies, according to an analysis of company filings.

Mr Johnson, 56, has been criticised for not having a tight enough grip on Patisserie Holdings, saying in an interview shortly after the company revealed the accounting irregularities in October that “criticism that I was stretched too thin” was fair. He had said that he was “going to get much more involved” at Patisserie Holdings and declared that it would be his only executive role, enabling him to focus all his energies on restoring its fortunes. A spokesman for Patisserie Holdings declined to comment yesterday.

Complete article:

[ntv] 04/1/2019 22:04

if it is in any sort of state to come back!!

[owenski] 04/1/2019 21:40

This'll hit 40p for starters if it ever re-floats, wouldn't rule out 30p either.

[pugugly] 03/1/2019 14:07

If that is the case here then Corbyn (if he gets in) will raid the gambling coys with a special super tax - You have been warned!!

The Conservatives might beat him to it id they are still in government!!

[johnwise] 03/1/2019 12:46

Kathleen Weir Accountant, 40, who used elaborate scheme using nine bank accounts to swindle £400,000 from work to fund her gambling habit is jailed for five years


Kathleen Weir, of Southampton, took money from employer over seven years

The 40-year-old made 8,000 bets with Ladbrokes, Skybet, William Hill, bet365

She started taking money just months after working for a builders merchants

Weir pleaded guilty to two counts of fraud and was jailed for five years

[briangeeee] 27/12/2018 23:14

Given the recent stability, price support is pretty powerful.

[buywell3] 27/12/2018 21:29

''You can't have your CAKE and it it''

Is what I said

[davr0s] 27/12/2018 20:41

You serious right? You think support is going to be meaningful if/when this realists?