Patisserie Share Discussion Threads

[knigel] 12/10/2018 06:55

The high street is dead? Not were I live. Central Bristol is always busy especially lunch time. I guess the trouble is more people just go out for a meal deal or coffee rather than spending £30 on a new top.
Also wages have not kept up with rising costs (business rates/rents) and the internet is taking a bigger slice of total spend.
I believe the high street will survive, it will just be more food shops and less other retailers. Remember CAKE appeared to be doing well..

[edmondj] 12/10/2018 06:55

When corporate governance principles were drawn up under the 1992 Cadbury Report, a key principle was that non-execs - e.g. and especially, the heads of audit/remuneration committees - would not benefit this way, in order to maintain their objectivity. And yet as chairman of the board, LJ went ahead with this.

CAKE seems quite an example of what Galbraith pointed out in his book on the 1929 Wall Street Crash, how the bezzle was rising, in terms of standards dropped:

“In many ways the effect of the crash on embezzlement was more significant than on suicide. To the economist embezzlement is the most interesting of crimes. Alone among the various forms of larceny it has a time parameter. Weeks, months or years may elapse between the commission of the crime and its discovery. (This is a period, incidentally, when the embezzler has his gain and the man who has been embezzled, oddly enough, feels no loss. There is a net increase in psychic wealth.) At any given time there exists an inventory of undiscovered embezzlement in – or more precisely not in – the country’s business and banks. This inventory – it should perhaps be called the bezzle – amounts at any moment to many millions of dollars. It also varies in size with the business cycle. In good times people are relaxed, trusting, and money is plentiful. But even though money is plentiful, there are always many people who need more. Under these circumstances the rate of embezzlement grows, the rate of discovery falls off, and the bezzle increases rapidly. In depression all this is reversed. Money is watched with a narrow, suspicious eye. The man who handles it is assumed to be dishonest until he proves himself otherwise. Audits are penetrating and meticulous. Commercial morality is enormously improved. The bezzle shrinks.”

hxxps://pro.creditwritedowns.com/2009/01/quote-of-the-day-john-kenneth-galbraith-the-bezzle.html

[cumnor] 12/10/2018 05:38

TG never held-never even knew they were listed-but looks like the BOD have serious questions to answer. For a start they, and any connected parties, should have all their assets frozen from today while an investigation takes place.

Too many greedy crooks running Plcs in UK today willing to play with the livelihoods of hard working employees struggling to make ends meet-and numerous 'professionals' engaged to oversee these companies willing to turn a blind eye to potential fraud as long as they get their grand an hour in fees. imo

[catsick] 12/10/2018 03:46

Looks like something whitbread might scoop up for pennies now that they have sold costa at a fat premium...They can probably do a better job at cleaning the mess up too and they will be very familiar with a business of this type...

[masurenguy] 12/10/2018 00:44

Research by The Times has found that subsidiaries of Patisserie Holdings had faced three other winding-up petitions prior to the one filed by HMRC last month. Patisserie Holdings declined to comment on these yesterday.



Duncan Swift, head of food advisory at the accountancy firm Moore Stephens, said some suppliers to Patisserie Valerie’s trading subsidiary, Stonebeach, had already halted deliveries until the position of the company was clarified. Swift said Stonebeach should not be able to make new orders or take credit from suppliers, adding that only products already in transit and unable to be recalled were likely to be delivered in the coming days.



Luke Johnson, the chairman and 37% shareholder, is understood to be considering making a significant cash injection into the Aim-listed operator of Patisserie Valerie in a desperate attempt to save the company from going bust. In the event of a failure to secure funding, the company is believed to have put PWC’s Birmingham office on standby to step in as administrator

As recently as July, Mr May and Mr Marsh both cashed in share options at 418p, making profits of £1 million and £680,000, respectively. At the end of June Lee Ginsberg, deputy chairman and head of the audit committee, sold 40,000 shares at 469p, collecting almost £190,000.

[thegreatgeraldo] 11/10/2018 22:45

The 3 Exec Directors have been with the co since 2006.... Johnson, May & Marsh. Not aware of the history, but presumably Johnson brought the other 2 to the company

[panic investor] 11/10/2018 22:38

This has admin written all over it - sorry for holders but you have to feel for the staff a lot more imho - the high street is dead

[volsung] 11/10/2018 22:21

Are you the Danny Baker off the radio?

[danny baker] 11/10/2018 22:20

A little bit of housekeeping has been done on Stonebeach today. The lawyers have submitted a Satisfaction of Charge filing for an outstanding charge in favour of the former shareholders of Stonebeach. To me it looks like tidying up before administrators are appointed. Anyway there will be an update early tomorrow morning as the staff and suppliers need to know where they stand.

[thegreatgeraldo] 11/10/2018 22:17

It seems very likely that the BOD* have been overstating profits for a number of years, therefore overpaying corp'n tax (??)..... Wonder if HMRC will take that into account






*collective responsibility

[tomboyb] 11/10/2018 22:17

Fashion chain Coast collapses into administration with 300 jobs at risk in another blow for the High Street as WH Smith closes six stores

Retail looks horrific at the mo -

Which is why I reckon this could be a tough ask but not impossible -

[cockneytrader] 11/10/2018 22:16

Sir, sir, how long do I have to wait in the naughty corner for? I think I'm going to wet myself.

[still waiting] 11/10/2018 22:15

Someone has to go to the gallows for this

EBITDA margin of 22.5% (2017: 22.0%)

-- Pre-tax profit of GBP11.1m up by 14.2% (2017: GBP9.7m)
-- Operating cash flows of GBP11.9m (2017: GBP9.3m) with EBITDA cash conversion of 108% (2017: 96%)

-- Strong balance sheet position with net cash of GBP28.8m (2017: GBP16.2m)
-- 10 new stores opened to date all funded from operating cash flow with a strong pipeline
-- Trading from 206 stores
-- Diluted earnings per share of 8.92 pence up by 13.2% (2017: 7.88 pence)
-- Interim dividend up 20% to 1.44 pence per share (2017: 1.20 pence per share)
Luke Johnson, Executive Chairman, said

"The group has delivered a strong set of results in a sector which has well documented challenges. Our vertically integrated and flexible business model enables us to deliver consistent profits with our affordable treats remaining popular with our very diverse customer base. We remain focused on organic growth and with a strong balance sheet continue to assess acquisition opportunities which will have a strategic and cultural fit."

[bigboyo] 11/10/2018 22:15

He did put his hand in his pocket,but only to keep them warm.

[cockneytrader] 11/10/2018 22:12

LJ still has time to redeem himself. Put your hand in your pocket man!

[smokybenchod] 11/10/2018 22:09

If the editor of the times had any balls he’d do the right thing and terminate his contract

[cockneytrader] 11/10/2018 22:07

PPS and if you haven't read don't bother they are rubbish.

[cockneytrader] 11/10/2018 22:03

How could he have the time to write a piece for The Times?

[meshiey] 11/10/2018 22:00

Can't wait for this Sunday times...