Patisserie Share Discussion Threads

[thegreatgeraldo] 12/10/2018 11:44

No idea about CAKE holders, Johnson had 37% obv, but Black Rock must be feeling pleased with themselves.... went from nearly 10% to under 5% in April

[the big fella] 12/10/2018 11:42

Found them. Fortunately I have no exposure. Having suffered with the likes of SFI and LGB in the past holders have my sympathy.


Holder

Shares

% Held



Octopus Investments Ltd.
as of 22 Aug 2018
8.34m 8.03%

Hargreave Hale Ltd.
as of 02 Feb 2018
5.32m 5.12%

BlackRock Investment Management (UK) Ltd.
as of 18 Apr 2018
5.09m 4.90%

Investec Wealth & Investment Ltd.
as of 02 Jul 2018
2.24m 2.15%

Invesco Asset Management Ltd.
as of 02 Jul 2018
2.23m 2.14%

Kames Capital Plc
as of 02 Jul 2018
1.71m 1.65%

Skandinaviska Enskilda Banken AB (Denmark)
as of 02 Jul 2018
1.65m 1.58%

Majedie Asset Management Ltd.
as of 02 Jul 2018
1.55m 1.50%

Aberdeen Asset Managers Ltd.
as of 02 Jul 2018
1.55m 1.49%

Franklin Templeton Fund Management Ltd.
as of 02 Jul 2018
1.41m 1.36%

[phowdo] 12/10/2018 11:41

The accountancy watchdog, the Financial Reporting Council, said: "We are looking into this matter carefully and will give full consideration to further action as more facts become available."

aka "Closing Ranks"

[the big fella] 12/10/2018 11:32

Can anyone enlighten me with a list of large shareholders here.TIA

[thegreatgeraldo] 12/10/2018 11:31

CCNP - Strikes me it's not unreasonable to presume the business is profitable, maybe just half as profitable as the accounts would have you believe? Maybe making an annual £8-10 million before tax? Wonder how big the hole in the accounts is....

[spoole5] 12/10/2018 11:30

Went into my shop this morning, both staff members already have other jobs lined up, why stay when you don't know if you're gonna get paid

[monte1] 12/10/2018 11:29

#1332

Yes there is.

The possibility* that you are clinically insane.











*certainty

[cockneytrader] 12/10/2018 11:29

He's always been a BAD EGG.

[simso] 12/10/2018 11:29

When Financial Accounts are exaggerated, the obvious telltale sign is that Cash generation is significantly lower than reported profits. In 2017 CAKE made £20.2m of PBT, and generated Operating Cashflow of £24.4m. That was spent on Tax (£4m), Capex on the roll out (£9m) and Divi (£3m)...with the balance of £8m added to cash reserves. Without regurgitating the numbers for 2016 and 2015...suffice to say they are similar in shape...showing similar very good Cash generation and conversion of profit into cash. If Profits were indeed materially less than £20.2m..then cash must also have been materially miss-stated. Surely GT would have checked the Bank Balances and ticked them back, as a first and most simple check?

I had previously subscribed to the theory that £20m+ cash had been stolen since last GT Audit in 2017..as its hard to believe they could get away with financial misrepresentation for the reasons above. However...a £20m one off hit should not be fatal to a profitable company capitalised at £450m, with NTAV of £83m, no Bank Debt and indeed only £5.4m owed to Trade Creditors....yet the mood music of their Statements and strong rumours in the press of Pre-Packs does suggest something much more fundamental than just a one off £20m hit.

[phowdo] 12/10/2018 11:27

"We've let him out on bail so he can start hiding all his assets"

[kop202] 12/10/2018 11:25

OK....Whose had their CAKE and eaten it

[danny baker] 12/10/2018 11:22

According to the BBC website the Serious Fraud Office has now opened a criminal investigation into an individual.

[tomboyb] 12/10/2018 11:19

People will go to jail to get their fruits of labor afterwards -

It has happened before and will keep happening -

A friend of a friend of a friend took £600k false accounting -

6 months in slammer -

10 years later a multi-millionaire -

[ccnp] 12/10/2018 11:18

Come on you lot. Look at the bright side. For yes, there most assuredly is one thanks to our fine politicians and the advice they have received and acted on when it comes to a little trouble with the book keeping.

Administrators will doubtless be talking to buyers already and hovering over the books with a (very large) red pen.

With the debts wiped out, there is a nice little cashcow business here and with business rents in retreat, it should be simple to slash 50% of all leases.

Now if I was the MD of Greggs and looking to expand my business vertically but into a whole new sector within the market, I would be very interested indeed.

Any other possibles out there that spring to mind?

[wwepe] 12/10/2018 11:12

PHOWDO - You have nailed it. Marsh will get a measly 4-7 years in jail, be out in half of that. Hopefully any assets will be ceased, though more likely he will come out and have his £millions sitting in the bank from his stock sells earlier this year, having accumulated a hefty interest.

Funny how all this ultimately comes down to is greed.

[jonc] 12/10/2018 11:04

He will view ordinary shareholders as plebs and little people who don't matter in his world view.

[mrtenpercent] 12/10/2018 11:04

"Suggest anyone who can access the Times has a read of the Alistair Osborne column in Business Section - Very very cutting - One of the best hatchet jobs I have read for some time!!"

I have added a reference to this article to the Wikipedia entry for Luke Johnson. I anticipate taking the paragraph about CAKE out of the current section and creating a new section to be headed "The Patisserie Valerie Scandal" but I think I should wait until at least the next RNS before doing that. I am also delaying a reference to the arrest of the Finance Director, an edit of the reference to Luke Johnson's articles in the Sunday Times, and an edit of the Wikipedia pages relating to Grant Thornton in its various manifestations.

[kemche] 12/10/2018 11:02

Mas,

"Having taken out £46m at the 170p-a-share float and £12.6m more since, there’s no way he could let the group fall into administration, with a view to buying it back again."


Quite.

[masurenguy] 12/10/2018 10:59

The great cake meltdown is shaping up into a right corporate scandal: possibly an even quicker implosion than Conviviality, which went from a £550m group to bust in four weeks. Mr Johnson has spent 24 hours delving into what’s gone on. The findings of the executive chairman “without an immediate injection of capital” there is “no scope for the business to continue trading in its current form”. In short, Patisserie is all but bust.

The only issue is how much money’s required to rescue the cake shop — and Mr Johnson’s desire to do it. Having taken out £46m at the 170p-a-share float and £12.6m more since, there’s no way he could let the group fall into administration, with a view to buying it back again.

[cockneytrader] 12/10/2018 10:56

Released on bail

Cakeman: do you think I should pop around to tell Luke I am very sorry?
Wife: no darling, I think Luke is very busy at the moment.
Cakeman: but he was always partial to a slice of STRAWBERRY MILLE FEUILLE

[thegreatgeraldo] 12/10/2018 10:56

What I really can't get my head around - & why I've posted so much here, despite never even having heard of the company until yesterday - is that such a simple business can apparently get away with filing false accounts for such a long time. Apparently, allegedly.

If it was some dodgy techie outfit, fair enough, but this outfit made cakes & flogged them on the high st.....

[phowdo] 12/10/2018 10:54

The 20M was likely never there.
It was fictitious but did enable the directors to cash millions in share options. Nice little nestegg for when they get out of open-prison.