Patisserie Share Discussion Threads

[valhamos] 23/11/2018 17:06

EC

Very funny. It is sad these fraud continue to occur. Serious action needs to be taken to reform the audit profession/practice. Merely pointing out that this panel event isn't going to help with that because it will not be able to shed any light on what happened.

[tradejunkie2] 23/11/2018 15:40

I guess he's waitering needs all the tips

[lefrene] 23/11/2018 15:16

One would think that the market value of Mr Ginsberg's 'skills' has recently plummeted?

[effortless cool] 23/11/2018 14:58

David,
If you are stuck for something for the next Mello, I am sure that Valhamos would be happy to come along and explain that Globo was not a fraud.



Valhamos 23 Nov '18 - 12:04 - 2339 of 2344 0   3  0

"It will be fascinating & revealing"

Doubt it. As next to nothing has been disclosed it will be guesswork, waffle masquerading as informed opinion.

[tradejunkie2] 23/11/2018 13:15

It's never even been more apt to say "Crash Bang Wallop"

[lefrene] 23/11/2018 13:04

I suspect "that what went on" will turn out to be very ordinary, with a high probability of various taxes either having been withheld, or mis-accounted for. For £29 million cash to 'exist' and then suddenly not exist is quite some sleight of hand. Did no one look at the bank statements? If at public meetings someone has raised this with LJ and he has dismissed it, you would think that a competent person would at least check into it? The simple fact that one can visibly see that these PV outlets do not trade at the £200 an hour levels they would need to, in order to match the numbers given for turnover, suggests either remarkable incompetence, or something else going on.

To his credit LJ has stepped in to attempt to rescue the business, the actual trading figures are going to reveal a rather different business to that portrayed until recently.

[sefton1] 23/11/2018 12:46

Valhamos, davidosh is only saying that to try and ramp up attendance to his conference next week. I see Advfn Sales is spamming discounted tickets to it everywhere so that's why he is ramping it cos he hasn't got enough numbers. Also very surprised to see that his share of the year Crawshaw are not presenting to the punters there.

[sandy133] 23/11/2018 12:28

Agreed, I suspect that we will know little about what went on for some time.

These investigations can take a long time.The fact that it took such an age for the CEO to step down would indicate that he was not "in on it".However it would appear that he had little or no idea about the profitability or not of the business.Amazing that he held Non Exec jobs advising others

[valhamos] 23/11/2018 12:04

"It will be fascinating & revealing"

Doubt it. As next to nothing has been disclosed it will be guesswork, waffle masquerading as informed opinion.

[davidosh] 23/11/2018 09:30

As long as they are telling the truth and only commenting on facts they will not be sued. I think PV have enough of their own problems to sort out.

These are experts in their field and surely investors who learn about the issues of the past will make better decisions into the future ?

We all learn and meeting like minded investors and networking has helped me over the years.

[ntv] 23/11/2018 09:25

daviddosh
might be interesting but they won't state anything in case they get sued

[owenski] 23/11/2018 09:06

Sounds a bit like stables and horses, would've been better to hear all these experts commenting before the event.

[davidosh] 23/11/2018 08:56

Our Patisserie Valerie panel session at #MelloLondon on Monday has a forensic accountant, a retired auditor, a board consultant who challenged Luke Johnson six months ago and was rebuffed & David Scott who sold his business to PV. It will be fascinating & revealing Don't miss it.

[johnwise] 22/11/2018 10:53

Patisserie Valerie auditor faces probe: Grant Thornton to be quizzed on £40m scandal

Bean-counter Grant Thornton is under investigation over its audit of the scandal-hit owner of Patisserie Valerie.

The FRC’s latest probe adds to a string of investigations Grant Thornton has faced in recent years.

Earlier this year it was slapped with a record £3million fine for misconduct over its audits of Vimto maker Nichols and the University of Salford.

It is also the subject of an ongoing inquiry into its audit work at Sports Direct, which saw it sign off undisclosed payments between the retailer and owner Mike Ashley’s brother.

[tradejunkie2] 21/11/2018 16:55

Wonder if the FRC will enjoy some Patisserie cake whilst digesting the figures?

LOL!

[montyhedge] 21/11/2018 16:07

Ok in tourists spots like London, Windsor, but out of towns, Woking was empty, seen as a posh Greggs, can they make money ?

[eeza] 21/11/2018 15:59

Yes, justice will be done. All the guilty held to account & jailed. Not fair when it is only the Bankers who are punished by long jail terms.

[lefrene] 21/11/2018 12:01

Looks like the incumbents of the FRC have a nice two years sinecure from this episode, but no doubt another will be along before too long, but perhaps not quite so obviously adrift from the rest of the world.

[lefrene] 21/11/2018 11:58

sikhthetech, yes obviously so, and yet McD's seem to cope? But £3.10p plus 20% is £3.72p, it's very easy to notice that the mark up is rather more than the VAT. Yes there's the benefit of sitting down which of course incurs costs for the business, but the offering looked a tad expensive for what it was.

I suppose a motorway service area is a poor place to do a comparison, the rents will be high, and I suspect most people will look for a sandwich and a hot drink from a multitude of fast food operators.

[sikhthetech] 21/11/2018 11:29

Lefrene,

"The PV had it's cakes at £4.10 a slice if you wanted to eat in, or £3.10 to take away. Looked very quiet, whereas the McD's had a queue and no difference in price whether to eat in or out."

VAT on eating in, no VAT on takeaway?
VAT on all hot food?

[ntv] 21/11/2018 10:21

my sentiments exactly
they have had weeks to do that already
they should take phone records and computers and go through the lot
most of that stuff will be deleted or "lost"
"lost" is a great one or maybe even "stolen"

[ntv] 21/11/2018 10:17

nothing will ever be done,
The fact is all directors should repay all the monies they made from share options and fees etc
They shafted shareholders so they should be made to pay

[phowdo] 21/11/2018 10:15

They'll close ranks as self-regulated industries always do.
A nominal fine and slapped wrist for the lead auditor but all the really dodgy stuff will have been in the shredder a long time ago.