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Patisserie Valerie - which has store in Chesterfield - faces crisis

Patisserie Valerie opened a store in Chesterfield in December last year.
Patisserie Valerie opened a store in Chesterfield in December last year.

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

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.

"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."