Paul Scott's view Yes is he one of Winnifrith mates ? Commiserations to holders , had a few go bust not nice.
Paul Scott's view oops! A lesson for PI’s about how you should never believe anything an expert says.
What happened? Hole Found in Patisserie Valerie, are they going downmarket and selling doughnuts now ?.
What happened? Landlords pulled out of leases haven’t adopted impact of IFRS16 in last accounts.
What happened? Apparently there were two overdrafts totalling 9.7m that represent the entire correct net debt of the company. So what happened to the 29m cash reported on the balance sheet? Surely even the most inept auditor would have checked the cash figures to bank statements and verified the balances by contacting the bank?
What happened? Makes you think doesn’t it? As investors we rely a lot on auditors such as Grant Thornton to defend our interests by competently inspecting company accounts but it is evident for the P Valerie case that there was a big failing just like there was at Carillion. I recall at work we had one of the Big Four auditing companies come in to do a report on an aspect of our operations. Young and highly qualified professionals came in from one of these companies (not GT) to do the job but at the the end of the day the report was evidently mostly a cut and paste job from a similar project they had done before. They even left the name of a previously reported on company pasted in to our report! They are not all they are cracked up to be and I seriously doubt that they provide value for money a lot of the time. Frog in a tree
What happened? Ah i was wrong. Hidden overdrafts apparently. Sounds hard to grasp why auditors didn’t find out or the banks providing the overdraft didn’t realise they weren’t being reported.
What happened? My guess fwiw is its either finance lease debt not being put on the balance sheet or debt ridden subs not being consolidated. I am not an investor as i learned the hard way not to invest in aim companies. Too many are run by ruthless pirates.
What happened? Gamesinvestor1: “The guy is obviously an eejit or in on the act …†Eejit! I know little about him, but I remember seeing him on the Back to the Floor TV program in 2000ish when he headed up Belgo. He couldn’t do the jobs and stormed out. If I’d have known it was the same guy I’d never have bought back in to CAKE. Live, learn, beer. R
What happened? It appears from the RNS issued a couple of hours ago that Patiserie Valerie has been a massive fraud.The claimed cash balance appears not to exist perhaps never existed,the profits claimed were incorrect and it is likely that payments due have been concealed. Not only have shareholders probably lost £450m,market value at suspension, but many jobs must be at risk,most of them low paid. It is reasonable to think that the fraud could only have been carried at the highest level.By whom is a matter for criminal investigation…
What happened? How can any company board not know HMRC has filed a winding up petition? Surely it’s public information.
What happened? It is all very odd;according to the balance sheet cash on hand nearly £29million alone exceeded all liabilities four fold! One oddity however is the very high figure for monies owed to the company;I would not have thought that selling cakes & coffee for cash to the general public would involve the giving of much credit although it did sell some goods via Sainsburys but not I would have thought to the figure stated. Perhaps the cash has been stolen & the monies due figure is incorrect.
What happened? “â€â€œChairman Luke Johnson 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.â€â€" The guy is obviously an eejit or in on the act not have known what the finance director was up to or not to have known about the winding up petition published on 13th September (that has to be a lie as the company would have been informed on the day it was published). It just goes to show, you never know with these AIM companies - it’s effectively uninvestable from this point I think and the stock is going to collapse. I pondered this for ages, and fortunate to have only done that. I still have 9 other AIM companies in my portfolio - gulp !!! Games
What happened? £450 million valuation at Patisserie Valerie yesterday and an apparently fabulous success story over the last four years;Share suspension & financial fraud announced this morning & after lunch a winding up order from HMRC announced. I’ll save the cake & biscuit puns for later…but controlling shareholder Luke Johnson’s usual article in the Sunday Times should be worth a read this weekend.
Berenberg target 4.60 BERENBERG RAISES PATISSERIE HOLDINGS PRICE TARGET TO 460 (400) PENCE - 'BUY' 18 May 18 Berenberg Buy 457.75 400.00 460.00 Reiterates15 May 18 Peel Hunt Buy 457.75 450.00 500.00 Reiterates