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[mrtenpercent] 12/10/2018 13:25

"Real rich means being liquid too."
I have known two genuinely rich people in my life. Both were nearly always fully invested. Even when they sold something the money usually went straight into another investment they had already teed up, or into reducing debt on an existing investment. Very, very rare for them to have a lot of cash. Never in a current account.

[hvs] 12/10/2018 13:24

I wonder if a condition of his police bail was to surrender his passport and check-in to a police station at regular intervals?

lol !!!! lol !!!! Nothing will happen to him . He is free to spend his options CASH windfall .

[still waiting] 12/10/2018 13:23

or hole too big/ still unknown ?

[hpcg] 12/10/2018 13:19

So Luke not as rich as he might front up? Real rich means being liquid too. Or, is this is his way of saying, "I ain't touching that with a barge pole." With he and the two main executives being so close for so long I'm also open to more complicated scenarios.

[thegreatgeraldo] 12/10/2018 13:15

It would be fascinating to sit down & have a few beers with the FD this weekend..... it seems reasonable to assume he knew what was going on with the finances & the scale of misreporting. Did he have any inkling that the day of reckoning was coming.....


The above are all allegedly, of course, the facts will take some time to come out

[ladeside] 12/10/2018 13:07

As someone already mentioned, the "auditors" are generally a bunch of kids straight out of Uni who are being told how and what to audit by the management accountants of the firm that they're supposed to be auditing.

Over and above that, it's certainly not unheard of certain "sweeteners" to be offered.

It's all a racket, pure and simple..........

[tabhair] 12/10/2018 13:07

It still looks to me like this is a case of the CFO being at fault here. He was the one who was arrested and let out on bail. If the CEO Paul May was in any way involved, he would have been suspended from the company too. That is not to say that he isn't incompetent, there is simply no way a capable CEO should have let this debacle happen in the first place. Assuming CAKE survives, he is out the door regardless.

[monte1] 12/10/2018 13:03

#1388

Which customer and which shop - can you be more specific please?

tia

[john09] 12/10/2018 13:02

BBC news at 1pm (just started) will cover the story

[ccraig69] 12/10/2018 13:01

has anyone ever seen a customer in the shop

[thegreatgeraldo] 12/10/2018 13:01

Very drole.....

[monte1] 12/10/2018 13:00

Boris?

I would say so, looking at the cove.

[thegreatgeraldo] 12/10/2018 12:55

Sleepy - Indeed. Did Johnson ever visit the shops?

[sikhthetech] 12/10/2018 12:50

"that's what we don't know - if the underlying business is fundamentally profitable/viable and worth saving , or actually loss-making."


Depends on whether anybody is interested in the brand or any of their prime locations..

[sleepy] 12/10/2018 12:49

Wonder why the SFO has opened an investigation into an individual rather than the company?

Did the Executive Chairman with his extensive knowledge and experience of catering businesses and general business and financial expertise really think everything was hunky dory?

[monte1] 12/10/2018 12:49

Do keep up ronin92.

I wonder if a condition of his police bail was to surrender his passport and check-in to a police station at regular intervals?

[ronin92] 12/10/2018 12:46

CFO has been arrested.

From Beeb:-
Hertfordshire Police said: "A 44-year old man from St Albans has been arrested on suspicion of fraud by false representation. He has been released under investigation."

[thegreatgeraldo] 12/10/2018 12:45

MrTenpercent,

North has been in post since Johnson took over, so as I posted earlier, probably had quite a big hand in designing the systems......Maybe the lesson is to change FD every 5 years or so?

[sikhthetech] 12/10/2018 12:43

"FRAUD generates a lot of revenue for auditors and lawyers. "

Yes, the lawyers are always the winners...

[tomboyb] 12/10/2018 12:41

Well -

Grant Thornton were clearly not up to the JOB -

Their reputation in addition is going down the pan -

Not the big 4 so it will hurt them -

[mrtenpercent] 12/10/2018 12:40

It's part of the auditors' job to examine the company's systems and make sure these do as much as possible to prevent external theft and internal fraud.

[hvs] 12/10/2018 12:39

For how long ??? Who is making the MONEY there ???

[sleepy] 12/10/2018 12:38

hvs - Tesco fraud trial going on at the moment

[hvs] 12/10/2018 12:37

that's what we don't know - if the underlying business is fundamentally profitable/viable and worth saving , or actually loss-making.

lol !!!! lol !!!!!

If was profitable where is the CASH ???? Why is there so many unpaid bills ???

Its right infront of you this is PURE FRAUD. Not easy to prove it cause no one knows.