Patisserie Holdings suspends chief financial officer over fraud probe

The group announced today (10 October) its directors had been notified of “significant, and potentially fraudulent, accounting irregularities”.

Chris Marsh, the company's chief financial officer, has been suspended from his role.

“This has significantly impacted the company's cash position and may lead to a material change in its overall financial position,” Patisserie Holdings says in a trading update.

“As a result the company has requested that its shares be suspended from trading on AIM while it conducts a full investigation with its legal and professional advisers into its true financial position.”

The story was first highlighted by Sky News​​​ yesterday, which reported the group had found a “multi-million pound black hole” in its accounts.

In its most recent trading update the group reported that revenue was up 9.1% to £60.5m in the six months to 31 March.

Patisserie Holdings is chaired by serial hospitality entrepreneur Luke Johnson, the founder of Strada and former PizzaExpress chair, who is also its largest shareholder.

Johnson says in a statement: "We are all deeply concerned about this news and the potential impact on the business.

“We are determined to understand the full details of what has happened and will communicate these to investors and stakeholders as soon as possible.”

Patisserie Holdings says it will make further announcements as the results of its investigation become known.