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Former CEO of Druckers has ‘no intention' to acquire Patisserie Valerie

31 October 2018 by
Former CEO of Druckers has ‘no intention' to acquire Patisserie Valerie

David Scott, former chief executive of Druckers, has announced he has no intention to make an offer for or acquire shares in Patisserie Valerie.

Patisserie Valerie bought out the Midlands-based Druckers patisserie chain in 2007.

Scott said: "Despite the media reports, I have not appointed nor do I intend to appoint a company to liaise with shareholders on my behalf and I have no interest in making an offer for or acquiring shares in Patisserie Valerie or any related companies."

The troubled patisserie chain is due to hold a shareholder meeting tomorrow morning to approve an emergency share issue. Investor Luke Johnson put up a £20m rescue package earlier this month, consisting of a £10m loan and a further bridging loan of up to £10m, which was provided alongside the issuing of 30,000,000 new shares, which raised £15.7m.

The company recently revealed that historical statements on the cash position of the company were mis-stated and subject to both fraudulent activity and accounting irregularities, including undeclared overdrafts amounting to £10m.

Former chief finance director Chris Marsh was arrested on suspicion of fraud by false representation shortly afterwards and later released on bail. He resigned from the comapny last week.

The Serious Fraud office confirmed it had opened a criminal investigation. A winding up petition against Patisserie Valerie's principal trading subsidiary was dismissed by the High Court last week.

Under investigation finance director Chris Marsh resigns from Patisserie Valerie >>

Winding up petition against Patisserie Valerie is dismissed >>

Luke Johnson puts up £20m rescue package for Patisserie Valerie >>

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