How to make your money go further

Patisserie Valerie directors fail to disclose store ownership

31/01/2019 · Patisserie Holdings PLC (CAKE) 

AIM News UK

Patisserie Valerie cakes - failure to disclose store ownership
Patisserie Valerie’s chairman Luke Johnson and chief executive Paul May own at least one of the failed group’s outlets. The two directors have secretly benefited from rental payments which were not disclosed in the financial statements.

Our searches made at the Land Registry reveal that Tunbridge Freehold Ltd, a company in which Paul May is the sole director, owns the freehold to 48-50 Monson Road, Tunbridge Wells. That address is currently occupied by the Tunbridge Wells outlet of Patisserie Valerie and leased to Stonebeach Ltd, the operating company of the group. 

Companies House records show that Tunbridge Freehold was incorporated in August 2014 (three months after Patisserie Holding’s IPO) and purchased the Monson Road property on 4 December 2014 for £575,000. Tunbridge Wells Freehold is jointly owned by Paul May and Luke Johnson.

The property was leased to Stonebeach from 10 December 2014 for a term of 10 years and the Tunbridge Wells outlet was opened on 25 February 2015 – the third store to be opened after the IPO. It is not clear the level of annual rent that Messrs Johnson and May were benefiting from.

In every one of the four years that Patisserie Valerie was a listed…

Sign up and read the full article

Register to continue reading this article.

Get FREE access now

Already a member? Login

Have your say

Log in or register to view or add comments.

Investment news & insights

For access to the top news and insights from the investment world

REGISTER FREE TODAY

Investor's Champion Premium Content

Subscribers to our Premium Content receive priority notification by email of newly published research. Premium Content costs as little as £3.20 per research note.

More on Premium Content

More on Patisserie Holdings PLC

Directors come out on top in Patisserie Valerie’s rescue deal

14/02/2019 · Blog
New chief executive Stephen Francis could do very nicely after buying a chunk of the company…

Luke Johnson considering legal action against Patisserie Valerie auditors

05/02/2019 · Blog
Patisserie Valerie’s chairman Luke Johnson has confirmed that he is supportive of potential legal action against…

Patisserie Valerie directors fail to disclose store ownership

31/01/2019 · Blog
Patisserie Valerie’s chairman Luke Johnson and chief executive Paul May own at least one of the…

Patisserie Valerie administrators face accounting chaos

30/01/2019 · Blog
Administrators KPMG still have a very muddled picture of the state of the accounts at Patisserie…

Patisserie Holdings - end of the road?

22/01/2019 · Blog
Patisserie Holdings has collapsed into administration after failing to reach an agreement with its lenders.

More from the Blog

The Genius of Guinness

09/04/2019 · Diageo PLC

Tesla tanks on weaker than expected demand

04/04/2019 · Tesla

March 2019 AIM new arrivals - another poor month for newcomers and plenty of departures