Patisserie Valerie - which has store in Chesterfield - faces crisis

Shares in Patisserie Valerie have been suspended after the company discovered 'significant, potentially fraudulent, accounting irregularities'.

Wednesday, 10th October 2018, 9:57 am
Updated Wednesday, 10th October 2018, 11:03 am
Patisserie Valerie opened a store in Chesterfield in December last year.

The popular bakery and continental cake shop opened a store in Chesterfield at the end of last year.

A statement from Patisserie Holdings to the stock market on Wednesday morning read: "During the course of October 9, 2018, the board of directors of the company has been notified of significant, and potentially fraudulent, accounting irregularities and therefore a potential material misstatement of the company's accounts.

"This has significantly impacted the company's cash position and may lead to a material change in its overall financial position.

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"As a result the company has requested that its shares be suspended from trading on AIM (the London Stock Exchange) while it conducts a full investigation with its legal and professional advisers into its true financial position.

"In the meantime Chris Marsh, the chief financial officer, has been suspended from his role."