Patisserie Share Discussion Threads

[phowdo] 14/2/2019 11:56

No crumbs left for shareholders.

[chinahere] 14/2/2019 09:43

Deal:

www.cityam.com/273240/patisserie-valerie-rescued-private-equity-firm

[thegreatgeraldo] 13/2/2019 14:42

Ashley's bid answers any last doubts about the profitability of the outlets..... & that's after the poorest performing outlets have been closed ........

[edmondj] 10/2/2019 20:08

According to the Financial Times, Sports Direct was unhappy about being shut out of the bidding process, saying it “not been allowed access to a data room, any financial information or meetings with management” to allow it to improve its bid.

Sports Direct argued it was “at a serious disadvantage as a bidder” if it was left to rely on financial information in the public arena, which it claimed was “at best unreliable”.

It is understood Sports Direct was given access to the data room after tabling its first offer but the retailer nevertheless withdrew.

*

Several parties are understood to be carrying out due diligence before submitting final-round bids to KPMG, but it is not clear when the bidding process will be concluded.

Coffee chain Costa, which is now owned by Coca-Cola, and a number of other parties are thought to have tabled offers for a parcel of stores but it is not clear if any parties want Patisserie Valerie as a going concern.

[konradpuss] 10/2/2019 20:03

I think dear old Mike has already had too much cake!

£17 million - from circa £540 million at the top - some drop that.

[safman] 10/2/2019 19:21

Sports Direct's Mike Ashley cancels Patisserie Valerie bid
8 minutes ago

Mike Ashley's Sports Direct has cancelled a bid for collapsed cafe chain Patisserie Valerie, just two days after making an offer.

The retail billionaire announced his bid for the chain on Friday evening.

Sports Direct offered £15m, but was told by administrator KPMG it would need to offer up to £2m more than this, according to the Financial Times.

Patisserie Valerie collapsed last month. KPMG closed 70 outlets, but kept 121 open in the hope of selling them.

Mr Ashley is thought to be facing several competing bids for Patisserie Valerie, including, according to reports, from Costa, the coffee chain bought by Coca-Cola last year.

saffy...

[johnwise] 09/2/2019 19:28

MA has a good honest accountant

[diku] 09/2/2019 19:16

MA seems to want to buy everything now...

[johnwise] 09/2/2019 07:50

Mike Ashley tables bid for Patisserie Valerie as he looks to expand his High Street empire

[opodio] 09/2/2019 07:34

Did luke johnson secure his £10m loan on the assets?

[dmipne] 09/2/2019 07:28

Diku
Agree entirely. I’ve left the auditing profession. Call me old fashioned, but the primary job of an auditor is to stand back and tell the shareholders whether the profit and loss and balance sheet are right or not. Nowadays audit teams are bogged down in mindless regulation, box ticking , endless disclosures and looking at anything but the basic bookkeeping. Whilst the audit partners are simply focussed on selling.

Indeed i have come across big four trained auditors of 3 years who don’t even know the basics of double entry and bookkeeping. It’s terrifying. It’s like going in for a heart bypass with a 3 year trained surgeon who has only ever filled in checklists and compliance disclosures but never actually learnt how the heart functions, let alone performed an operation.

[danny baker] 09/2/2019 01:18

Buying PatVal is a logical step for the owner of House of Fraser. Every department store has dead space on an upper floor. Stick a PatVal in there and you might even attract new customers to the store. MA can use his negotiating skills to drive rents down for the high street shops and maybe sell franchises. The PatVal concept could even work in Asia in the shopping malls which often have bakery style cafes. I really hope MA's bid is successful as he can prove what a clever chap he is.

[pugugly] 08/2/2019 23:17

A wonderful eulogy to Peter Boizot who founded and built up Pizza Express and whom I had the great pleasure in knowing during the first years of the business - He was a true brand and business builder. Seems appropriate to post here so we can reflect of the difference between the true entrepreneur and builder, and LJ.

[smcni1968] 08/2/2019 21:24

all that cake would help soak up the beer at Sports Direct management meetings

[kemche] 08/2/2019 20:10

By the looks of him a pie in every finger.

[konradpuss] 08/2/2019 19:25

Looks like Mike is partial to a few pies!

[zapa] 08/2/2019 19:22

That Ashley, finger in every pie.

[diku] 08/2/2019 19:15

They would also lose some £s...I mean weight!...




schofip
5 Feb '19 - 13:17 - 2980 of 3008
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I think if the whole board went to prison for 10 years or more you would find board members of every listed company sitting up and asking more questions.

[diku] 08/2/2019 19:12

Fair to say when the audit is coming staff are pre warned so everything is accounted for...a bit like when a Managing Director is due to make a visit everything gets a good clean up to impress...



JonC
5 Feb '19 - 11:24 - 2974 of 3007
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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.

[pugugly] 08/2/2019 18:41

Now what would he be offering - His usual £100 plus all landlords must take a 50% plus cut in rents?

[safman] 08/2/2019 18:34

news.sky.com/story/patisserie-valerie-sports-direct-offers-to-buy-collapsed-bakery-...saffy...

[konradpuss] 08/2/2019 18:32

Headline from the Telegraph on line - Mike Ashley is bidding for PV! One in every branch of Sports Direct to follow!