⌛ Did you miss ProPicks’ 13% gains in May? Subscribe now & catch June’s top AI-picked stocks early.Unlock Stocks

Patisserie Valerie ex-CFO appears in London court on fraud charges

Published 10/10/2023, 11:14
Updated 10/10/2023, 16:35
© Reuters.
HSBA
-
BARC
-
GCAT
-

By Sam Tobin

LONDON (Reuters) - Collapsed British bakery chain Patisserie Valerie's former chief finance officer appeared in a London court on Tuesday on charges of fraudulently inflating the company's balance sheet and misleading lenders Barclays (LON:BARC) and HSBC (LON:HSBA).

Christopher Marsh, 49, is accused of defrauding shareholders and creditors by inflating Patisserie Holdings' cash on its balance sheets and annual reports between 2015 and 2018.

He appeared at Westminster Magistrates' Court alongside his accountant wife Louise Marsh, 55, financial controller Pritesh Mistry, 41, and financial consultant Nileshkumar Lad, 50.

Christopher Marsh, Mistry and Lad are charged with one count of conspiracy to defraud, five counts of fraud by false representation and one count of making an article for use in fraud.

Prosecutors say the trio made false statements to Barclays and HSBC about Patisserie Valerie's cash reserves and why cheques were being stopped, and false statements to auditor Grant Thornton about purportedly genuine invoices.

Christopher Marsh faces an additional charge of publishing misleading financial information between 2015 and 2018 while finance director and company secretary of Patisserie Holdings.

His wife Louise Marsh faces a single count of conspiracy to defraud.

None of the four defendants were asked to enter a plea to any of the charges at Tuesday's hearing, and their case was sent to Southwark Crown Court for a further hearing on Nov. 7.

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

After a five-year investigation code named Operation Venom, the Serious Fraud Office announced it was charging the quartet last month.

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.