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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…

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