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Patisserie Valerie appoints interim CFO

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Patisserie Valerie appoints interim CFO

Patisserie Holdings has appointed Nick Perrin as interim chief financial officer during the ongoing investigation into its finances and former CFO Chris Marsh.

Perrin most recently worked as group finance director for UK veterinary services provider CVS Group and has been appointed on an interim basis while the board seeks a permanent CFO. Perrin is not a member of the board.

Chief executive Steve Francis, who was drafted in last month following the resignation of Paul May, said: “I am pleased to welcome Nick to Patisserie Holdings. He brings with him the necessary experience to help strengthen the team as the company works tirelessly to put the events of the past months behind it and look forward to the future.”

The investigation comes after historical statements of the cash position of the company were found to have been mis-stated and subject to both suspected fraudulent activity and accounting irregularities, including undeclared overdrafts amounting to £10m.

An investigation has been launched into accountancy firm Grant Thornton’s audit of group’s financial statements; while a separate investigation has been launched into Patisserie Valerie’s former chief financial officer Chris Marsh’s preparation and approval of the documents.

Marsh resigned in October after being suspended. Police arrested Marsh on 11 October before releasing him under investigation. The Serious Fraud office confirmed it had opened a criminal investigation.

Shareholders have backed a rescue package for the chain that will see £15m of new shares issued to private investors following a funding injection by director Luke Johnson to the tune of £20m.

Investigation launched into Patisserie Valerie auditor >>

Paul May resigns as CEO of Patisserie Valerie as turnaround specialist is drafted in >>

Shareholders approve Patisserie Valerie rescue plan >>

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