Patisserie Holdings in talks to extend standstill of bank facilities
Latest findings by company accountants reveal a “very significant manipulation” of their balance sheet.
Patisserie Holdings is locked in talks about securing a lifeline from its banks after saying it had uncovered a “very significant manipulation” on their balance sheet and profit and loss accounts.
These are said to involve thousands of false entries into their ledgers, according to an announcement. The company’s cash flow and profitability are said to have been been overstated in the past and was “materially below” the trading update announced last October 12, 2018.
Furthermore, Patisserie Holdings also mentioned that appointed the tax, audit and advisory services provider KPMG in aiding them to bring the company back up from the effect of the accounting hole as well as preserve value for their stakeholders.
Patisserie Holdings also announced that their non-executive director and deputy chairman Lee Ginsberg resigned “with immediate effect” to focus on other commitments.
