Patisserie Holdings plc (AIM: CAKE) (“PH”, the “Company” and together with its subsidiary undertakings, the “Group”) announces that, during the course of 9 October 2018, the board of directors of the Company (the “Board”) has been notified of significant, and potentially fraudulent, accounting irregularities and therefore a potential material misstatement of the Company’s accounts.
This has significantly impacted the Company’s cash position and may lead to a material change in its overall financial position. As a result, the Company has requested that its shares be suspended from trading on AIM while it conducts a full investigation with its legal and professional advisers into its true financial position.
In the meantime, Chris Marsh, the Chief Financial Officer, has been suspended from his role.
The Company will make further announcements in due course as the results of the investigation become known.
Luke Johnson, Chairman, 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.”
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