Lee Ginsburg, non-executive director and deputy chairman of Patisserie Valerie, has resigned from the board just a day after it was revealed that the company’s financial troubles appeared to be in a worse condition than initially thought.
He resigned with immediate effect and the company confirmed his departure in a statement which said he had left in order to focus on his other commitments.
On Wednesday (16 January), the company revealed that forensic accountants had discovered the misstatement of its accounts was “extensive” and involved “significant manipulation”. This followed an initial discovery of “potentially fraudulent” activities in October last year, which led to its CFO Chris Marsh being suspended and arrested before resigning from the role.
Patisserie Valerie has since hired KPMG to assist it in carrying out a review of all options available to it in order to recover from the “devastating effects of the fraud” and preserve value for its stakeholders.