Former director, three others charged over Patisserie Valerie collapse
The four are summoned to appear at the Westminster Magistrates’ Court on 10 October.
The Serious Fraud Office (SFO) has brought fraud charges against Patisserie Valerie former director and Chief Financial Officer of Patisserie Holdings Plc, Christopher Marsh and three others over the financial failure of the chain which resulted in the closure of almost 200 bakeries.
The SFO is charing Marsh, Patisserie Valerie CFO for 12 years, his wife, accountant Louise Marsh as well as Financial Controller Pritesh Mistry and financial consultant Nileshkumar Lad.
All four suspects were served with charges at their homes.
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According to the government watchdog, the SFO opened a full investigation into the conduct, codenamed “Operation Venom”, in October 2018. This came two days after the company abruptly suspended trading, closing 70 stores and causing the loss of over 900 jobs across the country when its debts were revealed.
The SFO has charged all four suspects with conspiring to inflate the cash in Patisserie Holdings’ balance sheets and annual reports from 2015 to 2018, including by providing false documentation to the company’s auditors. During this time, the company also reported holding £28m in accounts, yet concealed £10m in debts from its investors and creditors.
“Patisserie Valerie’s abrupt collapse rocked our high streets – leaving boarded-up shops, devastating job losses and significant investor losses in its wake. Today is a step forward in getting to the bottom of this scandal,” Lisa Osofsky, Director of the SFO.
The defendants are summoned to appear at Westminster Magistrates’ Court on 10th October 2023 to hear the charges against them.
Recently, Patisserie Valerie was reported to preparing to reopen restaurants, signalling a return to the expansion trail.
