Patisserie Share Discussion Threads

[jotoha2] 23/1/2019 17:56

LJ should be investigated very closely , he was the Executive Chairman and liked to set the play of the company , he cannot hide behind and blame other people , he pulled in £50 million when company listed ,very nice , and drew a a good income on top . He must be grilled by the experts.

[sikhthetech] 23/1/2019 17:01

Unrelated to PV but the irony..


Grant Thornton maybe selected to investigate irregularities and claims that snr executives siphoned funds..


IL&FS may select Grant Thornton for forensic probe

[this_time_its_different] 23/1/2019 16:39

Auditors just collect their dole money, they don't want to ask questions because it is more work for them. It's more of a case of signing off documents. If Grant Thornton actually questioned every line of the financials from the Pat Val finance director, they would be there all day. I'm assuming Grant Thornton took information from the Pat Val finance director in trust in order to save time and money, i.e. cutting corners.

[sikhthetech] 23/1/2019 16:31

Patisserie Valerie reveals stores to close

[snoopy12] 23/1/2019 16:24

Surprised the auditors did not pick the banking of cheques and questioned. Did they not have the competence that the were auditing a coffee shop where the majority of takings would be in the form of cash or debit card.
The cheques was a material uncertainty and hence the report should have been qualified.

[ladeside] 23/1/2019 15:52

ttis, Totally agree, the setup is just far too cosy as it stands.

[rackerrs1] 23/1/2019 15:45

as the trump supporters would say

LOCK THEM UP

LOCK THEM UP

to all the crocked auditors

[this_time_its_different] 23/1/2019 15:16

METRO BANK is down circa 40% as well because of an accounting error and lower profits. The big 4 auditors need to be removed, we need a national auditing service (like the NHS) which audits on behalf of all UK investors.

[this_time_its_different] 23/1/2019 15:10

I don't trust banks either, they brought the whole world financial system to the ground in 2008 and they will do it again. When greed takes over, people start making irrational decisions and disregard fat tail risk. The only safe place is bars of gold under the bed, that is a better investment than cash in a bank for sure. I like shares if company accounts are good and audited well, I hate shares when the books are cooked and everything is signed off.

[this_time_its_different] 23/1/2019 15:06

UK has never taken accounting seriously, something it should learn to do from the SEC. SEC falls like a pile of bricks on rogue companies, something which the FCA rarely does. It is ofcourse the "light touch" policy implemented by Dr James "Gordon" Brown we have to blame here. I agree heads NEED to fall at Grant Thornton, they are not doing their job signing off cooked books.

The more the UK treats accounting lightly, the more and more investors will shun the UK for US companies.

[thegreatgeraldo] 23/1/2019 14:47

Not sure if this has been mentioned before....

hxxps://www.thetimes.co.uk/article/hsbc-and-barclays-investigated-over-secret-patisserie-holdings-debts-6x9c803zv

Seems that somebody was paying cheques (for millions of pounds) into the CAKE account a day or two before year end to boost the balance, the cheques then bounced a few days later.

[ladeside] 23/1/2019 14:45

ttid, I totally understand what you're saying, however it makes a complete mockery of our legal system where we have "respected" auditors signing off accounts which are basically an act of fantasy.

Until our laws change and we start taking corporate fraud seriously then this will just continue. It's a sad state of affairs when millionaires can basically steal millions from shareholders and make staff unemployed without fear of prosecution but wee Rab who's homeless and starving will be facing court for thieving a cake from the shop and doing a runner.

Corrupt country and a corrupt system.

As for just accepting that the financials may be misrepresented, then that's like just accepting that your money in the Bank isn't safe because the Manager may forget to stick the alarm on when locking up at night, so if the Bank get's robbed, tough, you shouldn't have trusted that dodgy Branch Manager.......

[this_time_its_different] 23/1/2019 14:32

Q, get back on the debenhams thread, whatcha doing on here?

[qantas] 23/1/2019 14:25

ttid another troll total waste of time.

[this_time_its_different] 23/1/2019 14:17

Having profits less than £100 million means the business is a high risk-high reward play and is 4-6 quarters away from posting a loss and a collapse in share price. Pat Val holders will get something back since the serious fraud office will take grant thornton and the directors to court, but I doubt it will much more than 20p on the £.

[this_time_its_different] 23/1/2019 14:14

Investing in a SINGLE FTSE AIM company is probably the most dangerous thing you can do if you can't read financial statements and are not able to spot a strong and able management. The fact Pat Val didn't pay a dividend is risky as well, with a dividend cover you would be able to see if the profits are real or not.

[this_time_its_different] 23/1/2019 14:13

You invest in Blue Chips because they are less likely to be involved in serious fraud that collapses the company. Ofcourse it can happen, but it's more likely to happen on the FTSE AIM. If you want to sleep at night, buy an index fund. I assume they are not ALL going to go under. I would never regard Pat Val as a safe investment, the financial statements looked superb, which tells me the rigging was more deeper than we think. The books have been cooked for a while now.

[ladeside] 23/1/2019 13:59

Are Tesco not Blue chip ????

[this_time_its_different] 23/1/2019 13:55

The finance director f-u-c-k-e-d everyone basically, he should be in jail. Grant Thornton didn't do their job as well, they should also be liable for shareholder losses. Being a blue chip means there is less chance of SERIOUS FRAUD occurring. Clearly Pat Val didn't have strong and able management, more like c-r-o-o-k-s.

[pugugly] 23/1/2019 13:52

ttid- Being blue chip can be no protection - Just look at those that have gone the drain -
A few names to ponder here - Only some went bust and some are fallen stars -

[this_time_its_different] 23/1/2019 13:43

You are all m-u-g-s for investing in a company that is not a blue chip. Look at the financials, they look perfect don't they. Steady rising revenue and EPS. I smell a rat here.

[barnetpeter] 23/1/2019 13:34

they rarely do in the UK. All sorts of fraud is swept under the carpet. It always opens up a can of worms and "causes problems with trust in the system".

[haroldthegreat] 23/1/2019 13:09

They should go after any profits made by directors on share sales in any years where the accounts did not represent the true situation and demand repayment of their remuneration as well. They should not have benefited from this situation.

[haroldthegreat] 23/1/2019 13:04

This will stop investors playing follow my leader .Gales will have a problem floating .perhaps as an incentive to buy the shares they will offer a free item a day to shareholders.
2 items after 5 pm to reduce having to pay a company to remove waste.
As a gesture lj might offer a discount of 50% to all cake shareholders at gales. They do bake some excellent bread .