Patisserie Valerie finance director arrested & released on bail

Troubled tea room and bakery chain, Patisserie Valerie has seen its finance director Chris Marsh arrested last night, and today released on bail.

In a brief announcement to the stock market today, the firm stated,'The company has been made aware that Chris Marsh, who is currently suspended from his role as company finance director, was arrested by the police last night and has been released on bail. Further updates will be released in due course as appropriate'.

The company is fighting for survival after revealing on Wednesday it had uncovered 'significant, and potentially fraudulent, accounting irregularities'.

Later today, the Serious Fraud Office said it had 'opened a criminal investigation into an individual. We can give no further information or comment at this time.'

The majority of Patisserie Valerie's stores are continuing to operate, and talks are currently taking place in an attempt to save the business.

Patisserie Holdings owns the Patisserie Valerie brand, along with Druckers, Philpotts, Baker & Spice and Flour Power City.