In October it said those figures were likely to be £120m revenue for the year and earnings of £12m. Patisserie Valerie shares remain suspended with the last traded price 429.5p. Five people have been arrested and questioned over alleged accounting fraud at Patisserie Valerie, in a dramatic escalation of the investigation into the cafe chain’s financial implosion. The SFO has previously said it opened a criminal investigation earlier this year but has not commented further. The accounting problems had turned about to be more serious, and so the café chain had desperately asked for extra credit from banks. Grant Thornton revamps UK audit after Patisserie Valerie scandal. Advertisement. Monday 15 October 2018 10:27 Patisserie Valerie’s board has discovered £10m of secret overdrafts, in the latest revelation at the scandal-hit cafe chain. In a statement, an SFO spokesperson said: “On Tuesday 18 June, as part of a joint operation with Hertfordshire, Leicestershire and the Metropolitan police services, five individuals were arrested and interviewed in connection with the Serious Fraud Office investigation into individuals associated with Patisserie Holdings PLC.”, Available for everyone, funded by readers. It depends, 1,000 lost on one boat - this woman hopes to name them, Wuhan scientist 'welcomes' visit over lab leak claim, Twitter's copyright policy 'used to silence activists', .css-q4by3k-IconContainer{display:none;height:1em;width:1em;vertical-align:-0.125em;margin-right:0.25em;}playHow a girl's fairy house sparked a magical friendship. Business Patisserie Valerie admits supplier payment issues amidst fraud investigation For Bonney there are two options when it comes to Patisserie Valerie. Patisserie Valerie went into administration in January and was bought for £5m by Causeway Capital. .css-1hlxxic-PromoLink:link{color:inherit;}.css-1hlxxic-PromoLink:visited{color:#696969;}.css-1hlxxic-PromoLink:link,.css-1hlxxic-PromoLink:visited{-webkit-text-decoration:none;text-decoration:none;}.css-1hlxxic-PromoLink:link:hover,.css-1hlxxic-PromoLink:visited:hover,.css-1hlxxic-PromoLink:link:focus,.css-1hlxxic-PromoLink:visited:focus{color:#B80000;-webkit-text-decoration:underline;text-decoration:underline;}.css-1hlxxic-PromoLink:link::after,.css-1hlxxic-PromoLink:visited::after{content:'';position:absolute;top:0;right:0;bottom:0;left:0;z-index:2;}Patisserie Valerie auditor faces probe over alleged fraud, Patisserie Valerie chairman Luke Johnson faces investor fury, Patisserie Valerie finds 'secret' overdrafts, Patisserie Valerie saved by cash injection, Patisserie Valerie says finance chief arrested, Patisserie Valerie warns it is on the brink of collapse, Trump rejects 'wasteful' coronavirus stimulus bill. U.K. entrepreneur Luke Johnson’s efforts to save Patisserie Valerie failed as an accounting scandal pushed the bakery chain’s parent into insolvency, threatening as … The chain started life in London’s Soho in 1926 and, at its height, employed about 3,000 staff across almost 200 outlets and was once valued at £450m. The collapse followed the discovery of a … Its probe has found "extensive" misstatement of its accounts and "very significant manipulation of the balance sheet and profit and loss accounts". The deal is a first for the brand, which became entangled in an accountancy scandal in 2018 after the company overstated its accounts by £94m. The … Five people have been arrested and questioned over alleged accounting fraud at the Patisserie Valerie chain, the Serious Fraud Office has said. It was acquired by well-known entrepreneur, Luke Johnson, in 2006 and he took the role of executive chairman, recruiting a CEO and CFO with whom he had worked before in earlier ventures. Trading in the shares of Patisserie Holdings, the parent company of Patisserie Valerie, were suspended on 10 October 2018 following the discovery of potentially fraudulent accounting irregularities, which had led to the possibility that there had been a material mis-statement of the company's accounts. The owner of stricken cafe chain Patisserie Valerie has admitted its accounting scandal is worse than previously thought. At that time it revealed it had uncovered "significant, and potentially fraudulent, accounting irregularities". In addition to the SFO, the case attracted the attention of several other watchdogs, including the Financial Reporting Council, the Insolvency Service, the Aim market regulator and the HMRC fraud investigation service. … Known for its Patisserie Valerie cake shops, the British company part-owned by entrepreneur Luke Johnson revealed on Wednesday that it had suspended its chief financial officer. Last modified on Mon 24 Jun 2019 18.50 BST. 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