Patisserie Valerie chief executive Paul May has announced he has resigned from his position on the Restaurant Group board “with immediate effect”.
May has stepped down from the group which also owns brands such as Garfunkel’s and Frankie and Benny’s, as the bakery chain is hit with claims of fraud. The Restaurant Group board said it “understood and accepted his decision”.
Patisserie Valerie warned of “significant, and potentially fraudulent, accounting irregularities” last week and the Serious Fraud Office launched a criminal investigation. Patisserie Valerie suspended its CFO Chris Marsh and he was later arrested on suspicion of fraud and bailed.
On Wednesday (10 October) the firm said its board had become aware of a HMRC winding up petition against subsidiary Stonebeach, over an unpaid £1.14m tax bill.
In a statement, Patisserie Holdings said: “The company and its advisors are in communication with HMRC with the objective of addressing the petition. The company continues to engage with its professional advisers to understand better the financial position of the group and will make further announcements in due course.”