Chris Marsh has resigned as finance director of Patisserie Valerie after being suspended earlier this month following the discovery of ‘significant and potentially fraudulent accounting irregularities’
Parent company, Patisserie Holdings, told investors: ‘Following the suspension of Chris Marsh on 9 October 2018, the Company has now accepted his resignation as the Company's Finance Director with immediate effect, while reserving its position in respect of any potential claims it may have against him.’
Marsh, who qualified as an ICAEW member with Vantis (formerly Morton Thornton) and also qualified as a chartered tax accountant with EY, joined the group as finance director in 2006. His previous experience included finance director roles at two AIM quoted companies, Fishworks and Healthy Living Centres.
On 24 October, Patisserie Valerie announced that a winding up petition against its principal trading subsidiary had been dismissed by the High Court.
Patisserie Holdings is also investigating share bonuses that were cashed in this year by its chief executive and finance director. The company stated: ‘The Company¸ as part of the ongoing investigation, is seeking to understand why the grant of options relating to 2015 and 2016 have not been appropriately disclosed and accounted for in its financial statements.’
The Serious Fraud Office (SFO) has confirmed that it has opened a criminal investigation into an individual but has not given further information.
Report by Amy Austin
