Patisserie Valerie suspends shares - and finance chief - after discovery of potentially fraudulent account activity
The owner of cafe chain Patisserie Valerie has suspended its shares following the discovery of potentially frauduent account irregularities.
Patisserie Holdings said it has been notified of “significant, and potentially fraudulent, accounting irregularities and therefore a potential material mis-statement of the company’s accounts”.
The cafe chain has one store in Norwich’s city centre, one in Bury St Edmunds, and one in Ipswich.
The company said that its financial position may “material[ly] change” as a result of the cash problems.
Shares in Patisserie have now been suspended from trading on the London Stock Exchange whilst it carries out a full investigation.
In addition, finance chief Chris Marsh has been suspended from his role.
Chairman Luke Johnson said: “We are all deeply concerned about this news and the potential impact on the business. We are determined to understand the full details of what has happened and will communicate these to investors and stakeholders as soon as possible.”