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Patisserie Valerie faces crisis as black hole in accounts revealed

Patisserie Valerie has confirmed there are “significant and potentially fraudulent accounting irregularities” in its accounts and has suspended its chief financial officer Chris Marsh with immediate effect.

The company then discovered HMRC has filed a winding-up petition against one of its subsidiaries.

Entrepreneur Luke Johnson owns 37% of the chain. He said, 'We are all deeply concerned about this news and the potential impact on the business. We are determined to understand the full details of what has happened and will communicate these to investors and stakeholders as soon as possible.'

Patisserie Holdings has said the discovery 'significantly impacted the company’s cash position and may lead to a material change in its overall financial position”.

It has requested that its shares be suspended from trading on London's junior Aim market while it conducts a full investigation.