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

Girls stroll previous a department of Patisserie Valerie in London, Britain, October 10, 2018. REUTERS/Simon Dawson Purchase Licensing Rights

LONDON, Sept 13 (Reuters) – The UK Severe Fraud Workplace (SFO) has filed fraud prices towards 4 folks, together with a former chief monetary officer, over the collapse of Britain’s Patisserie Valerie chain of excessive avenue bakeries.

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

A lawyer for Chris Marsh was not instantly out there for remark and the authorized consultant of Louise Marsh declined to remark. Reuters was not instantly in a position to decide who was representing Mistry and Lad.

The 4 suspects are accused of conspiring to inflate the money on Patisserie Holdings’ steadiness sheets and annual experiences from 2015 to 2018, together with by offering false documentation to the corporate’s auditors, the SFO mentioned.

They’ve been ordered to attend Westminster Magistrates’ Courtroom on Oct. 10.

The corporate suspended buying and selling in 2018, closing 70 shops with the lack of greater than 900 jobs, after discovering a multi-million pound gap in its finance.

“Patisserie Valerie’s abrupt collapse rocked our excessive streets – leaving boarded-up retailers, devastating job losses and vital investor losses in its wake,” mentioned SFO Director Lisa Osofsky.

“Right this moment is a step ahead in attending to the underside of this scandal.”

Richard Sallybanks, a lawyer at BCL Solicitors, mentioned the costs, together with the SFO’s choice to shut drawn-out investigations into Anglo-Australian mining firm Rio Tinto (RIO.L) (RIO.AX) and Kazakh miner ENRC, confirmed the company was making ready the bottom for Osofsky’s departure later this month.

“However, given it has taken 5 years for charging choices to be made on this case … it might nonetheless be a number of years earlier than the people stand trial,” he mentioned.

($1 = 0.8011 kilos)

Reporting by Kirstin Ridley; modifying by Jason Neely, Christina Fincher and Richard Chang

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