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Update: Patisserie Valerie reveals £1.14m unpaid tax bill after launching fraud investigation

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Update: Patisserie Valerie reveals £1.14m unpaid tax bill after launching fraud investigation

A £1.14m unpaid tax bill has seen a winding up petition issued against Patisserie Valerie’s primary trading subsidiary. 

The revelation was made by the company hours after it suspended trading in each shares amid an investigation into “significant, and potentially fraudulent, accounting irregularities” and “a potential material mis-statement of the company’s accounts”.

In its latest trading update posted to the London Stock Exchange the company said: “The board of directors of the company has today 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 of approximately £1.14m with a hearing date listed for 31 October 2018.”

The company had earlier reported its investigation into accounting irregularities had “significantly impacted the company’s cash position” and “may lead to a material change in its overall financial position.”

Chief financial officer Chris Marsh has been suspended from his role.

Patisserie Valerie shares suspended pending potential fraud investigation>>

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