Patisserie Share Discussion Threads

[thegreatgeraldo] 05/2/2019 11:53

I'm not disagreeing with you, just pondering what the CEO was doing with his time if you assume he didn't know what was happening on the shopfloor

[jonc] 05/2/2019 11:38

tgg I am referring to the auditing process, the independent check.

[thegreatgeraldo] 05/2/2019 11:34

JonC
5 Feb '19 - 11:24 - 2974 of 2975


Would choosing say 5 Pat Val stores per audit at random and turning up to count the cash in the till then walking the transaction through to records of prime entry have exposed this earlier?

...Any half decent CEO would have visited more stores than that each year, just to keep up his finger on the pulse....... not really a big ask to expect the CEO to visit one or two stores a month....

[meijiman] 05/2/2019 11:28

Quite correct. Like so many things the box ticking mentality worsened the audit process. It would also seem that GT were desperate to pick up clients and were not too choosy.

[jonc] 05/2/2019 11:24

I won't argue that auditing was always satisfactory but when audit regulation was introduced it became a matter of ticking boxes and making planning notes and drawing conclusions based on the boxes that had been ticked.

Old fashioned auditing procedures withered away.

Would choosing say 5 Pat Val stores per audit at random and turning up to count the cash in the till then walking the transaction through to records of prime entry have exposed this earlier?

I think so.

[topvest] 05/2/2019 11:19

Poor old GT. Think LJ needs to take more of the blame than them. Maybe just a pre-emptive strike as the thinks he's going to get sued himself.

[steptoes yard] 05/2/2019 11:04

Hmmm quite possibly so. My question was in relation to 2969 but you might have hit on something there..

[monte1] 05/2/2019 11:01

#2970

Imaginary store refurbs?

[steptoes yard] 05/2/2019 11:00

what did they talk about during scheduled board meetings please?

[phowdo] 05/2/2019 09:23

So essentially its Luke Johnson blaming everyone except himself.
What about the CEO and CFO that he personally hired and vetted for the job? Is he sueing them too?

[sleepy] 05/2/2019 09:16

IF that happens would very likely be interesting to see LJ being cross examined by GTs barrister

[diku] 03/2/2019 23:43

Anybody see a book coming out for Christmas?...a good read for business students...

[safman] 03/2/2019 21:23

Hannah Uttley
‏

@huttleyjourno
Feb 2
More
Luke Johnson's £3m loan to pay for January wages is for current staff only. … via @MailOnline

LJ's reputation is in tatters and will remain so ...

Some are already looking to exonerate him without entire full due diligence of all activity.. I very much doubt he will trusted again..

Auditors including Grant Thornton are now under the spotlight..



saffy...

[verulamium] 03/2/2019 20:26

And of course the big question on this thread is who's doing the red-arrowing? Has LJ got a premium account and spent his weekend on this thread? If not, who in the world wants to stick up for him? After seeing Back to the Floor with LJ all those years ago, where he proved himself utterly unemployable on a minimum wage job, I wouldn't go anywhere near a business he was involved with, but commiserations to anyone who didn't see the programme and held shares here.

[augustusgloop] 03/2/2019 18:25

They got £15m in a placing in Oct and £10m in a loan.
The staff made redundant didn't get paid -- who got the money?

Granted they had outstanding debts - but shouldn't employee wages get first call?

Disgusting!

[owenski] 03/2/2019 15:39

Staff not being paid their final month's salary and any bonuses. Ordinary workers being shafted.

Has Luke Johnson kept all his bonuses. Along with the millions he's made.

Will he be starting a new column in The Times, maybe a foodie column, how to eat the cream off the top of a cake.

[pugugly] 03/2/2019 14:48

Sunday times article also claims that "identified forged company minutes to take out overdrafts ....... and fake invoices for shop refurbishment” More and more interesting. - After Asset co and now Cake, how many more quoted coys are out there with similar black holes ?? Always do deep DD and be prepared to be skeptical (imo).

[blueball] 03/2/2019 14:06

I was expecting a bonus as well..lol.

[pugugly] 03/2/2019 14:04

From bad to worse - According to this latest BBC news story - stated to be 21mins ago

[diku] 03/2/2019 13:18

This is has gone from cake to rats!!...

[konradpuss] 03/2/2019 13:04

Plus the rat infestation at the head office.

[jsforum] 03/2/2019 12:57

Perhaps the £60k fine for the mouse infestation at Druckers ought to have been a red flag as the sheer incompetence of LJ et al

[jsforum] 03/2/2019 12:51

The Sunday Times suggests fake Group on vouchers help conceal the fraud