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Patisserie Holdings: suspends Chief Financial Officer

Birmingham / UK. (rcp) Patisserie Holdings PLC, the «Company» and together with its subsidiary undertakings, the «Group») announces that, during the course of 09 October 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 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. The Company will make further announcements in due course as the results of the investigation become known.

Luke Johnson, Chairman, said: «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».

Further to the Company’s announcement above, the board of directors of the Company has become aware that a winding up petition in respect of Stonebeach Limited was filed at The High Court of Justice, Companies Court on 14 September 2018. Stonebeach is the Company’s principal trading subsidiary.

The Petition relates to sums due to HM Revenue + Customs (HMRC) of approximately 1.14 million GBP with a hearing date listed for 31 October 2018. The Petition was advertised in the London Gazette on 05 October 2018. The Company and its advisors are in communication with HMRC with the objective of addressing the petition.

The Company continues to engage with its professional advisers to understand better the financial position of the Group and will make further announcements in due course.