Patisserie Valerie boss describes £20m accounting black hole as a 'nightmare'

Luke Johnson has agreed to lend the struggling cake chain £20m
of his own money

Luke Johnson, the
serial entrepreneur
behind Patisserie Valerie, described the
cake chain’s near-collapse as a nightmare, as he said the company
had run up nearly £10m in secret overdrafts.

Patisserie Valerie’s finance director was arrested last week,
after the company stunned the stock market by revealing it had
found “significant,
and potentially fraudulent, accounting irregularities
”,
reported to be more than £20m.

Source: FS – All-News2-Economy
Patisserie Valerie boss describes £20m accounting black hole as a 'nightmare'