Of course some of us identified that there was a real problem at Patisserie Holdings more than a year before the public became aware and explicitly warned folks about it HERE in November 2017. Some, like ShareSoc director Chris Spencer-Phillips knew better. Thankfully Chris sold before it was too late but now identifies the real problem. He writes:
My pal Luke Johnson used to be known as Lucky. Just like Lord Lucan. Luke does not stand accused of butchering his nanny and is not fleeing the country but there is blood on the streets round at Patisserie Holdings (CAKE) and Luke’s luck seems to have run out. Though I was a perma bear on Patisserie it gives me no pleasure to be revealed as a superb journalist once again...
After everything that has happened to Patisserie Holdings (CAKE) in recent weeks, it is of little surprise that today's deadwood press includes an article about a potential bidder for the business:
A marginally less bad day today for AIM-listed Patisserie Holdings (CAKE), owners of Patisserie Valerie in that there was good news in with the bad as announced just before 9am this morning. The good news is that a winding up petition against its main trading subsidiary, Stonebeach Ltd, has been thrown out. Good news: no trip to the insolvency shop, then. As for the bad news, it is a relatively small matter but perhaps tells us what may have been going on.
Kelvin McKenzie is a major hero of mine. His Sun front page Gotcha! with a picture of the Belgrano sinking was his finest moment on Fleet Street so it was a pleasure to be a guest on his radio show today. My section is about 20 minutes in
A few days ago I mused upon occurrences at Patisserie Holdings (CAKE) which I did not own shares in but intrinsically I liked...especially as a customer. It seems to me that my gut feel back then that the combination of a skilful fraudster, poor internal controls and a professional lack of duty from the auditor all contributed. As Luke Johnson - Chairman and biggest shareholder - noted in an article in lieu of his Sunday Times column this week:
With any company where there has been fraudulent activity you have to consider whether there are more skeletons in the cupboard which could cause a further freefall in the share price when they emerge.
Just when you think you have seen almost everything the market could throw at you...news today that Patisserie Holdings (CAKE) shares are suspended after 'the board of directors of the Company...has been notified of significant, and potentially fraudulent, accounting irregularities and therefore a potential material mis-statement of the Company's accounts'. Well we know what majority shareholder and Chair of the company Luke Johnson will be coordinating for the next few days, if not weeks and months…
It has been a busy last few weeks grappling with the global results season, so i had a couple of quieter days on Friday and Saturday and, at one point, found myself at a newish shopping centre half-an-hour or so from where I live. I do not find the idea of retail therapy particularly exciting or refreshing but as I am in a minority of one on this...unto the breach and all that. It was not long before i cheered up pointing out my perceptions on which retail outlet was doing well or badly based on footflow, the look of the store etc, etc. I am not sure if my daughters were particularly interested in all this...
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