Patisserie Holdings – problems must be far worse than first thought.
The Board of Patisserie Holdings was surprisingly unable to provide any new information at the General Meeting today, despite the passage of time since first announcing issues. We sense this fraud is much deeper than originally feared and could see the company mired in lawsuits for years to come….
More than 3 weeks has passed since the cake and coffee shop group announced news of ‘significant, and potentially fraudulent, accounting irregularities and a potential material mis-statement of the Company’s accounts.’ This should be a very simple business to understand and its professional advisers will have been going through things in great detail over the past few weeks. It’s therefore surprising the Board was unable to offer any further information at the General Meeting today when they sought shareholder approval for the fund raise to support the business. The fraud is evidently far more extensive than initially thought and the…