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Local Patisserie Valerie stores under threat

PV Guildford

Published by the Eagle Radio News Team at 11:14am 12th October 2018.

Local outlets of cafe chain Patisserie Valerie are facing the threat of closure as the company experiences 'financial difficulties'.

The firm currently has stores in Guildford, Woking and Camberley.

It's been reported by the company's owner that its finance director has been arrested, although the circumstances of his arrest and the nature of any allegations were not yet known.

The business, which earlier this week warned it was at risk of collapse without an immediate injection of cash, said Chris Marsh was held last night before being released on bail.

Patisserie Holdings suspended trading in its shares on Wednesday after the board said it was looking into "potentially fraudulent accounting irregularities" resulting in a misstatement of its financial position.

Mr Marsh was suspended from his role while the circumstances of the financial black hole were examined internally.

A story by Sky News on Tuesday suggested the sum could exceed £20m.

Adding to the company's headache this week was an announcement that the board had just learned of a winding-up petition that had been filed against its main subsidiary by the taxman.

It related to more than £1.1m said to be owed to HMRC.

Patisserie Holdings has more than 200 stores - the vast majority of them under the patisserie Valerie brand.

It employs more than 2,500 people.

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