Patisserie Holdings - end of the road?

Patisserie Holdings (CAKE) has fallen into administration after the failure of rescue talks with banks. The company, which has about 200 outlets, said it did not have enough money to meet its debts.  Last week, the beleaguered cake and coffee shop announced that company's forensic accountants have revealed that the misstatement of its accounts was extensive, involving very significant manipulation of the balance sheet and profit and loss accounts – no mention of cash flow which is normally a little more truthful! Among other manipulations, this involved thousands of false entries into the Company's ledgers. It will therefore take even longer before…