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James Horler steps down from board of Patisserie Valerie

14 January 2019 by
James Horler steps down from board of Patisserie Valerie

James Horler has resigned from the board of Patisserie Valerie's parent company with immediate effect.

Horler, a non-executive director, has stepped down from Patisserie Holdings to focus on his role as CEO of Ego Restaurants and parent company 3Sixty Restaurants.

In 2018 Ego Restaurants extended its partnership with pub group Mitchells & Butlers to accelerate the expansion of the brand. At the same time Luke Johnson, chairman of Patisserie Valerie, stepped down as a director of 3Sixty Restaurants.

In a statement posted to the London Stock Exchange Patisserie Holdings thanked Horler for his service. He had been appointed a director in 2014.

The outlook of Patisserie Valerie remains uncertain 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.

The Financial Reporting Council had previously announced that it has launched an investigation into accountancy firm Grant Thornton under the Audit Enforcement Procedure into statements for the years ending 30 September 2015, 2016 and 2017.

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 and later arrested on suspicion of fraud by false representation, before releasing him under investigation. The Serious Fraud office confirmed it had opened a criminal investigation.

Trading in the Patisserie Valerie's shares remains suspended.

Following Horler's resignation Johnson and Lee Ginsberg are the only board members who have remained through the crisis.

Luke Johnson sells minority stake in 3Sixty Restaurants>>

Shareholders approve Patisserie Valerie rescue plan>>

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