Patisserie Valerie ex finance boss, others, charged over cake chain collapse

Women walk past a branch of Patisserie Valerie in London

Women walk past a branch of Patisserie Valerie in London, Britain, October 10, 2018. REUTERS/Simon Dawson Acquire Licensing Rights

LONDON, Sept 13 (Reuters) – The UK Serious Fraud Office (SFO) has charged four people, including a former chief financial officer, with fraud over the collapse of Britain’s Patisserie Valerie chain of high street bakeries.

After a five-year investigation code named Operation Venom, the SFO said it had charged Patisserie Holdings’ former financial boss Christopher Marsh, his accountant wife, Louise Marsh, financial controller Pritesh Mistry and financial consultant Nileshkumar Lad.

Reuters was not immediately able to determine who their lawyers were to ask for comment.

The four suspects are accused of conspiring to inflate the cash on Patisserie Holdings’ balance sheets and annual reports from 2015 to 2018, including by providing false documentation to the company’s auditors, the SFO said.

They have been ordered to attend Westminster Magistrates’ Court on Oct. 10.

The company suspended trading in 2018, closing 70 stores with the loss of more than 900 jobs, after discovering a multi-million pound hole in its finance.

“Patisserie Valerie’s abrupt collapse rocked our high streets – leaving boarded-up shops, devastating job losses and significant investor losses in its wake,” said SFO Director Lisa Osofsky.

“Today is a step forward in getting to the bottom of this scandal.”

($1 = 0.8011 pounds)

Reporting by Kirstin Ridley; editing by Jason Neely and Christina Fincher

Our Standards: The Thomson Reuters Trust Principles.

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