Patisserie Valerie confirms major accounts manipulation as it opens cafes earlier
Patisserie Holdings' Patisserie Valerie has confirmed 'thousands of false entries into the company’s ledgers', as it launches earlier opening across its 200 cafes earlier and launches a loyalty scheme.
The troubled subsidiary, which came within hours of financial collapse in October, told the Stock Exchange that work carried out by forensic accountants has shown 'the misstatement of its accounts was extensive, involving very significant manipulation of the balance sheet and profit and loss accounts'.
The cafes are shifting focus with earlier opening times - some as early as 7.00am - in order to attract the morning rush. New breakfast items have been added including granola fruit bowls. There is also a hot drink deal, that allows customers to get a coffee or tea for £1.
The brand is introducing a loyalty scheme - a first for the company. The card will give customers their tenth hot drink free and will eventually be followed by an app.
The app will be an extension of the cafe’s current Cake Club and members will be the first to know about any deals, discounts, promotions and monthly offers. New members will even be offered an introductory 10% discount on their next visit.