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Shares in Patisserie Holdings (LON:CAKE) were suspended this morning after the board were notified of large and potentially fraudulent accounting irregularities yesterday. The company said that its cash position is significantly impacted and may have changed the firm’s overall financial situation.
The shares will be suspended while an investigation is carried out. In the meantime, chief financial officer Chris Marsh has also been suspended from his role. Management said that further announcements will be made as the situation is explored.
Chairman Luke Johnson commented: “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“.