The future of embattled cafe chain Patisserie Valerie is still unknown as the company revealed today (Monday 21 January) that it was still in discussions with bankers.
Following an investigation by forensic accountants, the company realised its accounts showed signs of “significant manipulation” of the balance sheet and profit and loss accounts. Patisserie Valerie entered a discussion with its bankers to extend the standstill of its bank facilities beyond 18 January. It said it would need time to complete a restatement of its accounts and prepare the audited figures to 30 September 2018.
In October, Patisserie Valerie suspended its chief financial officer Chris Marsh while it looked into “potentially fraudulent” activity in its accounts. It later discovered an unpaid tax bill of £1.14m, leading to the arrest and resignation of Marsh. He is currently under investigation by the Serious Fraud Office.
In an update, the company said: “Patisserie Holdings plc announces today that, further to the announcement on 16th January, the company is still in discussions with its bankers to extend the standstill of its bank facilities beyond 18 January and will issue an update when those discussions have concluded.”