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Patisserie Valerie’s woes just go on and on
15 October 2018
Patisserie Valerie’s fight for survival took some heavy knocks over the weekend.
Just when you thought it couldn't get any worse there was the shock disclosure of £10m of unreported loans with Barclays and HSBC.
Executive chairman Luke Johnson had arranged a £10m loan and £10m bridging facility on Friday. This was funded, in part, by a £15.7m sale of discounted shares of 50p.
Where, asked investors, is the £28.8m of net cash that the company reported!
This has now lead to speculation that the café chain’s auditor Grant Thornton could be in the frame for not finding the £40m black hole in the accounts.
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