The good news for the shareholders and staff of Patisserie Holdings is that a fresh injection of capital, announced late on Friday, appears to have saved the day. We reflect on the news and consider whether it might be worth a punt when it comes off suspension
Patisserie Holdings announced just before the stock market closed on Friday that it needed an immediate cash injection of £20m, without which the business would have been forced to call in the administrators. Whereas the last reported financial statements revealed cash of £28m, the true picture is one of a Group net debt of £9.8m - a staggering difference! The fraud seems to go back several years, which makes it all the more incredible that something wasn’t picked up by the auditors Grant Thornton. The Directors estimate that annual revenue and EBITDA, before exceptional one-off costs, for the year ending…
Sign up and read the full article
Register to continue reading this article.
Get FREE access now
Already a member? Login