Patisserie Share Discussion Threads

[hvs] 14/10/2018 21:35

Does that mean that LUKE JHONSON was siginng off false accounts ?????

[danny baker] 14/10/2018 21:35

Jonwig said Just a point about the auditors. They would have last seen the books at 31 March and everything might well have been in order at that point. No they wouldn't have seen the books then. Auditors don't normally do anything at the interim stage. Interim accounts are not audited. It's been over a year since the bank balances etc were checked by the auditors. Therefore I'm not jumping to blame them - just yet. All responsibility rests with the board.

[eeza] 14/10/2018 21:34

@jonwig
They have already stated that previous years accounts will have to be restated, so the money has not just gone missing recently.
Also the Plod are investigating fraud as opposed to theft.

[hvs] 14/10/2018 21:10

jonwig, I'm not sure the money has "gone"..... it may well be that they have a still healthy cash balance, but alongside is a great big pile of red bills

Is that why they is raising £ 15 mill in placing and the IDIOT Executive Chairman loaning £ 20 mill dont forget its a loan.

£ 400 million of shareholders funds written off here. And OPTIONS GALORE job very well done 90 % wiped out. Plus debt piled on.

[thegreatgeraldo] 14/10/2018 21:05

jonwig, I'm not sure the money has "gone"..... it may well be that they have a still healthy cash balance, but alongside is a great big pile of red bills

[hvs] 14/10/2018 20:42

I wouldn't be in a hurry to blame them.

Board of Directors have misled here BIG TIME.

[hvs] 14/10/2018 20:39

If true can somebody elaborate on how a secret overdraft is set up?...surely there must be 2 parties involved...one from the company and one from the bank...when the report says overdraft totalling £10mln... suggests numerous smaller overdrafts with different accounts...

Normally you need a board approval to set up an account signed by Board of Directors
so no secret they knew but kept it quiet. There is normally a resolution from the Board to open an account.

Its the organ grinder saying it was the MONKEY honest boss it was the MONKEY

[jonwig] 14/10/2018 20:39

Shares will be re-admitted on Thursday with 50p as a marker. By then we ought to know where the money has gone (after all there must be a paper trail) and have some idea how much can be recovered.

If that's the whole of the problem, there's a reasonable chance that this will become a decent investment. Terrible fortune for existing holders, but the FT says some such as Schroders and Miton have subscribed.

Presumably Johnson will stay, but I'd be all for a clear out of the rest - checking director dealings from IPO onwards, all the LTIP awards were sold promptly. Not good.

Just a point about the auditors. They would have last seen the books at 31 March and everything might well have been in order at that point, but clearly not at the next audit point of 30 Sept. I wouldn't be in a hurry to blame them.

[mw8156] 14/10/2018 20:22

don't know the story here for certain but on the face of it, looks as though LJ trusted too much in others; though he must take some responsibility for the debacle, sympathies, on the face of it, are with him as his fortune on paper has declined by over 100m and, not only that, has had to put up a further 20m to protect what is left.

on a separate point, there is dreadful antisemitism on this board in some of the posts put up in the last 2 days, which might be acceptable to some delegates at the recent Labour conference but which I find hideous.

[diku] 14/10/2018 20:15

If true can somebody elaborate on how a secret overdraft is set up?...surely there must be 2 parties involved...one from the company and one from the bank...when the report says overdraft totalling £10mln... suggests numerous smaller overdrafts with different accounts...



Troubled cafe chain Patisserie Valerie reportedly had secret overdrafts totalling £10 million.

[johnwise] 14/10/2018 20:14

Take it from the top: The Business of Business Success

Video

[hvs] 14/10/2018 20:03

smurfy - notice of a winding up petition was served in September.... it was published in the Gazette on 5th October and no one knew anything

[thegreatgeraldo] 14/10/2018 20:02

smurfy - notice of a winding up petition was served in September.... it was published in the Gazette on 5th October

[hvs] 14/10/2018 19:59

Luke Johnson, 56, the founder and chairman of the chain, offers up £20million in loans for the company in a bid to save it from himself and its a LOAN

Patisserie Valerie CEO tells how mystery 'secret £10m overdraft' was found on the company's books after it had reported £ 28 mill in cash before he said he knows nothing only PwC knows what went on.

lol !!!! Nice one LUKE JOHNSON. Onto the the next one.

[smurfy2001] 14/10/2018 19:55

How Patisserie Valerie's financial woes unfolded

September 9
Luke Johnson, the founder of Patisserie Valerie, writes a column in the Sunday Times entitled 'A business beginner's guide to tried and tested swindles'.

October 10
Patisserie Holdings reveals its financial crisis before the Stock Exchange opened and was that afternoon reportedly handed a winding up petition from HMRC.
The company's finance chief, Chris Marsh, was also suspended from his role.

October 11
It announced it had found a 'material shortfall' in its fund. It said that without an 'immediate cash injection', it believed that there is 'no scope for the business to continue trading in current form'.

October 12
Patisserie Holdings announces in a market statement that Chris Marsh was arrested on Thursday night but has since been released on bail.
Landlords for at least two Patisserie Valerie locations in London - in Hammersmith and Edgeware Road - cancel their lease agreements with the company over breach of contract.

Luke Johnson, 56, the founder and chairman of the chain, offers up £20million in loans for the company in a bid to save it

[smurfy2001] 14/10/2018 19:53

Patisserie Valerie CEO tells how mystery 'secret £10m overdraft' was found on the company's books before he rescued it from bankruptcy and its finance chief was arrested

[hvs] 14/10/2018 19:51

No I was having CAKE, thank you for asking .

Pity LUKE JOHNSON does not do weekends. Where is the £ 28 mill cash ?????

[rbonnier] 14/10/2018 19:45

Has hvs spent the entire weekend on here .😥

[hvs] 14/10/2018 19:24

City advisory groups warned about Johnson months ago. Reports sent to investors advised he was not a suitable executive chairman of Patisserie Holdings because his major shareholding raised questions about his 'independence'. Yet the share price kept going up and up.

They expressed concerns that Johnson had fingers in too many CAKES.

Glass Lewis and Pirc told investors to vote against Johnson at the annual general meeting of Patisserie Holdings in January.

Yet NOTHING happened and £ 400 mill in shareolder funds wiped out. Thank you LUKE JOHNSON.

Nice CAKE though.

[hvs] 14/10/2018 19:02

You have to look at each holding on its merit.

What amazes me is that Executive Chairman LUKE JOHNSON knew NOTHING until he brought in PwC and in 46 hours says £ 28 mill in cash has gone AWOL and we needs £ 30 mill to keep going.

Then they says from £ 31 mill profit we is going to £ 12 mill that is before massive massive exceptionals.

Very very nice job done with OPTIONs galore and I is now a MORON or was it MORMON ???? IDIOTS abound.