Patisserie Holdings plc is a leading UK branded café and casual dining group offering cakes, pastries, snacks, meals and hot and cold drinks from 138 stores and Flour Power City Bakery in the UK.

It currently operates under five differentiated brands – Patisserie Valerie, Druckers – Vienna Patisserie, Philpotts, Baker & Spice and Flour Power City, offering broad customer appeal, flexibility and outstanding roll-out potential.

The Company operates a vertically integrated business model, with all products made in-house at seven bakeries and delivered fresh daily. Products are sold primarily through stores and also a growing online channel.

The Group's executive management team, led by Luke Johnson (Executive Chairman), Paul May (Chief Executive Officer) and Chris Marsh (Finance Director), has overseen a period of consistent growth from eight stores in 2006 to more than 130 today. The first Patisserie Valerie café was opened on Frith Street in London’s Soho district in 1926 by Belgian-born Madame Valerie, whose vision was to introduce continental patisserie products to the UK. During the Second World War, the Frith Street premises were destroyed by bombing and Madame Valerie subsequently re-established a new Patisserie Valerie café nearby on Old Compton Street, where her legacy continues to this day.

Risk Capital Partners, the London-based private equity firm, co-founded in 2001 by Luke Johnson and Ben Redmond, backed the acquisition of Patisserie Valerie in 2006. At the time it had eight sites in Central London. The company subsequently acquired Druckers - Vienna Patisserie in 2007, Baker & Spice in 2009, Flour Power City Bakery in 2013 and Philpotts in 2014.

(CAKE:AIM)

http://investors.patisserieholdings.co.uk/

Lol Harry

Cheers dc , know a few people there I'll see if I can find out what there excuse is next week.

How on earth under current regs can you audit a company? impossible

Cheers Dil

I see GT collected in 2017 a fee of £120,000

I text my daughter who works for GT and she said 'sod off I wondered how long it would be before u took the piss and before you ask no I had nothing to do with it'.

Geez , I was only asking like :-)

Spoke to someone else most of which I can't repeat but was not specifically related to these and his best comment was that their worst auditor got a box of FUDGE in this years secret Santa.

It's not just GT , I know of a listed company who had a subsidiary that should have had its accounts qualified one year but weren't because the auditors didn't want to lose the contract. That was one of the big four who signed those off.

Problem is that the interest of the auditor and company are too much aligned.

Dil ,is your daughter in the Cambridge office. :-))

Nah , why ?

What dodgy companies are in Cambridge ?

The Cambridge branch of GT were responsible for the audit .

Omg ... can't wait to ask her about that dc :-)

It seems to me that any suggestion to wield an Axe on Auditors is quickly forgotten.... What shareholders should insist, is that Auditor-fees are reclaimable for a period of 5-years - if the sp balanced against similar businesses* - falls 10% the Auditors lose 10% - if the sp falls to zippo then their fees are 100% reclaimed..... I have an annual report from [DEB] Debenhams and I'm finding it difficult to find where PwC are suggesting anything that a new investor might want to know about the future prospects of the Company......
Perhaps the same "Rule" could apply to Director Bonuses - except the tipping-point is the face-value of the stock.... so, if it falls below this any Bonus is wiped out from 5-years ago. By seeing how-long Directors stay in their post, we might judge if we should leave also.
I have no investment in the [CAKE] business....but am suspicious when any business thinks they are very clever to have a "nice" EPIC. I don't include the likes of BP[BP.] or Rio Tinto[RIO], since this is in their name anyway.
* The Q. of which businesses are included may be difficult for some stocks.... but it's not rocket science . . and some FTSE-Weighting might be applied so these rules aren't corrupted when the "...tide comes in".

This fraud might have serious implications for other companies as the main investor stands to lose an absolute fortune : he therefore might want to offset losses against profits from the sale of another investment in another company ; therefore that could be disastrous for that firm.....it's a possibility...not definite...the ball keeps rolling with a knock-on effect : didn't the crash of 1929 start with something like that ?….the modern world could suffer a similar fate.....aren't I joyful ?....may I recall that a pessimist is an informed optimist....euhhh sorry I think I've put that on before....nevermind...it's always good to remind people........

from today's FT ....
Patisserie Valerie report talks of fake invoices and ledgers
The suspected £40m fraud at Patisserie Valerie that led to the café chain’s demise this week involved finance staff and a supplier enlisted to provide fake invoices, according to a report by PwC commissioned by the company’s board.

Hangon , are you suggesting too that Auditors receive twice their fee if the share price doubles ?

And what would you like them to predict about future prospects ?

No one would get audited in a crash.

The EU doesn't get audited and that's going to crash

You are using the wrong thread old fruit.

I heard they had bank accounts that weren't shown to auditors. Probably with massive credit lines that had been used.

That's why the banks pulled the plug. Maybe they were secured on the assets.

I doubt there are any assets. Shops which they rent selling cakes which have a shelf life of a few days.

Maybe they have some cake manufacturing machines but there value will be almost zero in a liquidation. That's if they made the cakes themselves.

What's the value of a few second hand coffee makers? again not very much.