FOUR folks have been charged over the collapse of the bakery chain Patisserie Valerie, the Critical Fraud Workplace (SFO) stated.
In January 2019, the corporate collapsed into administration after a £40-million gap was present in its funds. A month later, Dublin-based Causeway Capital Companions bought 96 websites of the agency.
The SFO on Wednesday (13) stated it introduced prices towards Patisserie Holdings’ former director and chief monetary officer Christopher Marsh, his accountant spouse Louise, monetary controller Pritesh Mistry and monetary advisor Nileshkumar Lad.
They’re attributable to seem at Westminster Magistrates’ Court docket on October 10.
All 4 defendants are suspected to have conspired to inflate the money in Patisserie Holdings’ steadiness sheets and annual stories from 2015 to 2018, together with by offering false documentation to the corporate’s auditors.
In the course of the interval, the cafe chain additionally reported holding £28m in accounts, but hid £10m in money owed from its buyers and collectors.
SFO director Lisa Osofsky stated the Patisserie collapse rocked excessive streets within the UK, leaving boarded-up retailers and devastating job losses.
Prices towards the defendants had been “a step ahead in attending to the underside of this scandal,” Osofsky stated.
The primary Patisserie retailer opened in London’s Soho in 1926 and it underwent a large growth after leisure sector investor Luke Johnson acquired the enterprise in 2006. It grew from eight retailers in that 12 months to 192 in Could 2017.