Wednesday , October 20 2021

Patisserie Valerie chief resigns | Financial Times


The general manager of Patisserie Valerie resigned weeks later, after he approved the redemption of the shareholders' café chain by £ 15 million.

Paul May's location will take Stephen Francis, a revolving specialist who is instantly effective.

Last month, parent company Patisserie Holdings unearthed material and "potentially fraudulent" accounting irregularities that demanded the suspension and subsequent arrest of material director and company secretary, Chris Marsh. He was released without bail and later resigned. The Serious Fraud Office said it had organized the investigation and the Financial Reporting Council, which regulates the auditors, was l looking at this issue carefully C.

This month, he continues to play the role of chairman and major shareholder Luke Johnson, who lit the fire from investors during the shareholders meeting. He pledged to reduce other business commitments and to release his salary until the company came back.

The chain noted that Mr. Francis was ”a strong leader and experienced executive vice president with a proven track record in fast operational performance improvements e and that he has completed four such rescue missions since 2005. Among them were the dark blue Tulip and the printing services company Danwood Group.

& I am pleased to accept Steve Francis as the new CEO of Patisserie Holdings. In a statement, Johnson said, in particular in the food industry, and especially in the food industry, he has a strong record of recovery in turning values, and the board looks forward to working with him to revive the business. Johnson

Since Marsh and Mr. May 2006, Johnson has been the manager of Bakaneles Holding since 2006 when he bought his band from the Scalzo family. It was also the beneficiary of share awards under an incentive scheme that was not fully disclosed to shareholders.

Emergency funding was approved in November and a shaky petition against the company's main trading affiliate was rejected by the end of October, but the group's shares were suspended. A well-known entrepreneur and business commentator, Mr. Johnson said that the company will be suspended only when it is “appropriate and appropriate“ for public markets only.

Some investors have criticized Mr. Johnson for refusing to share additional information about the company's challenges and for not selling shares at a discounted price to new investors. The new stock was replenished with a share of 50p, a front suspension price of 429p and an initial IPO of 2014 in 2014. Mr. Johnson's share was subsequently diluted to 37 percent from 29 percent; however, some speculated that at some point they could convert their shareholding of 10 million pounds to equity.

On November 1, Johnson said to the shareholders that the investigation into accounting matters has made it impossible to make further comments, and that the recovery package of Mr. Johnson, a £ 20 million interest-free loan, has been repaid in part from a partially discounted income. The course of action was hareket. If it didn't exist, the company would enter into handling with the potential loss of more than 2000 jobs.

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