LEGAL | Staff Reporter, UK

Restaurateur denies takeover bid for Patisserie Valerie

The company also announced the resignation of their finance director.

Patisserie Valerie is reported to have attracted restaurateur David Scott in holding a takeover bid for the struggling chain.

According to The Sunday Times, Scott has been working with boutique adviser Transcend Corporate and asking shareholders if they want to leave the bakery chain.

David Scott used to operate Birmingham-based Druckers Vienna Patisserie until it was acquired by Patisserie Valerie in 2007.

However, in a statement last October 31, Scott has denied that he has any intention to acquire any shares in the bakery company.

"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," he said.

The company also announced that their finance director Chris Marsh has resigned from his position last October 26 ”with immediate effect”.

They said in a statement that the said move is for “reserving its position in respect of any potential claims it may have against him.”

Marsh was suspended a few weeks ago and got arrested because of a multi-million accounting hole that the bakery chain discovered, However, he had bailed himself free.

The petition by Majesty’s Revenue and Customs (HMRC) was dismissed by the High Court of Justice, Business and Property Courts last October 23. The case against them was filed last September over an unpaid tax of £1.14 million. The company had only been aware of it after a month.

Patisserie Valerie also recently revealed the three-year long-term incentive plan that started in 2014, whereas their shareholders weren’t notified of the share bonuses that their CEO Paul May and Marsh received.

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