Patisserie Share Discussion Threads

[hvs] 11/10/2018 16:42

Where has it all gone then ??? Where ????

[jonc] 11/10/2018 16:42

Point taken tgg

[thegreatgeraldo] 11/10/2018 16:41

JonC - point I was making is that there's a huge margin between the cost of making cakes & the cash they apparently receive for selling them.

[pugugly] 11/10/2018 16:41

Mr10% - very nice - very nice - Might bring in some more journalists to comment - BUT still waiting for the forensic accounting boys to do their work - Having done some similar work in the past - all-be-it in a different field it should not take a competent person to locate the main problem areas (that is assuming all the books have been kept correctly) That might a BIG IF - If not then who has been sleeping or could it be a case (seen too often) of expanding too fast and systems not keeping up - Only time will tell.

[hvs] 11/10/2018 16:41

Very good. Was you selling cakes ??? Like being ahead of the curve.

[jonc] 11/10/2018 16:40

Hi guys.

Yes I am fine.

Sold my business and retired.

Nice.

[hvs] 11/10/2018 16:39

Hi JonC

How are you today ?

[tomboyb] 11/10/2018 16:38

Good man JonC -

It amazes me how many directors have made millions on the back of failures on aim -

10x of Millions in some investment companies raise with zilch to show for it -

[hvs] 11/10/2018 16:31

More like 25 years in the Carribean for anyone found to be complicit would maybe make these types more comfortable in the future, but of course in this country we're liable to hand them a slap on the wrists at worst or for sure a knighthood if they're well enough connected and what does that say "LESSONS will be LEARNT" and stuff the shareholders. Arise "Sir" scoundrel.

Corruption ?? What do you think............. Being going on for DONKEYS they is all in it together. The accountants , the lawyers and THE JUDGES , they all does go to the same PRIVATE SCHOOL and then OXBRIDGE they is born to rip off and GET AWAY WITH IT.

They makes the law and says stuff the public we is born to RULE and LIVE off you. No more CAKES though only bread I am afraid for us.

[mrtenpercent] 11/10/2018 16:31

I have edited the Wikipedia page for the Chairman of CAKE, Mr. Luke Johnson. I have included this line:
These announcements led to expressions of anger from private investors who feared loss of considerable sums of capital as a result of these unexpected developments [6].
Reference 6 is a reference to this bulletin board.
I anticipate that my entry will in turn be further edited but I shall defend it robustly.

[danny baker] 11/10/2018 16:29

Today's announcement doesn't add anything that we didn't already know. We knew that PatVal had run out of cash because of the HMRC winding-up petition. We also knew there was a big difference between the last reported balance sheet and the current financial position because all the cash has disappeared. What remains unclear is whether this has been a scam from the start which still seems unlikely or whether something has happened since the interim accounts stage to blow all the company's cash.

Obviously the Company cannot continue to trade with its bank accounts frozen and HMRC banging on the door and suppliers also wanting to be paid. Someone has to pony up at least £5-10 million in cash to get things moving again or it will be forced into administration. More medium-term funding can be sorted once the problems have been identified and rectified.

[jonc] 11/10/2018 16:28

The gross margin excludes wages while many others put wages above the gross margin line.

[thegreatgeraldo] 11/10/2018 16:25

monte - it's a VERY high margin business....G&A is hard to avoid paying for in the medium/long term.

[ladeside] 11/10/2018 16:19

Everyone is a "guru" when things are going well, just take Fred Goodwin as an example, however these people are all the same, greed and risk taking with other peoples money is always easy but eventually they get found out and it's not them who take the hit but all the ordinary dafties like you and me.

25 years imprisonment for anyone found to be complicit would maybe deter these types in the future, but of course in this country we're liable to hand them a slap on the wrists at worst or maybe even a knighthood if they're well enough connected.

Corruption ?? What do you think.............

[hvs] 11/10/2018 16:18

What about the shareholders ???? They has been left with CAKE on their FACE

[monte1] 11/10/2018 16:17

#1154

Because they hadn’t actually paid the bills or made the pre-payments that the accounts say they had?

Time will tell, but looks that way.

[monte1] 11/10/2018 16:15

I think the staff deserve our sympathy first and foremost.

[thegreatgeraldo] 11/10/2018 16:15

Looking at the correct set of accounts, the interims from May, the company had £28.84 million in the bank...bizarre.....

[arthur_scargill] 11/10/2018 16:15

Proceeds of Crime Act 2002

Go after the directors

[sportbilly1976] 11/10/2018 16:13

Wow - what a turn up. Write this off, shareholders will get nothing .Pre-pack (most likely and shop closures) or full admin coming...(IMO)

[ivor hunch] 11/10/2018 16:12

I feel that Luke Johnson will simply have to find the money to plug the gap. He is extremely well connected in the City and is something of a management guru, so if he is unable to stabilize the business, his reputation will be in tatters. Presumably he was so busy writing, being a non-executive on other boards, networking that he simply took his eye off the ball. It was up to him and the other directors to make certain the figures stacked up.
Many years ago Mr Johnson took over a company I was involved in - he drove a very hard bargain indeed, but I had a high regard for ability - not so high now.

[hvs] 11/10/2018 16:00

I think Luke Johnson may not turn up.

But then who will GET the CAKE ???

[hvs] 11/10/2018 16:00

I think Luke Johnson may not turn up.

But then who will GET the CAKE ???