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Ex-Patisserie Valerie boss ‘felt like emigrating’

Luke Johnson

Luke Johnson, the previous chairman of bakery chain Patisserie Valerie, has stated he thought-about emigrating.

He additionally feared turning into a “pariah” in enterprise, he said in his column for the Sunday Times.

The previous boss stated that in distinction to company struggles resembling these of Debenhams, the autumn of his agency was “horribly speedy”.

Mr Johnson was the most important shareholder within the chain, which went into administration in January.

He blamed a part of the corporate’s failure on the business turning into harder to function in, together with having to pay greater wages and the rising value of substances.

‘Ego battering’

The accounting black gap at Patisserie Valerie was discovered to be £94m in March, greater than double a earlier estimate, based on a report by its directors.

After it fell into administration, the cafe chain was discovered to have overstated its money place by £30m and didn’t disclose overdrafts of almost £10m.

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KPMG’s newest report says the corporate falsely claimed to have £54m in money.

Nearly all of Patisserie Valerie has been bought to a non-public fairness agency.

The previous finance director of the chain, Chris Marsh, is underneath investigation by the Critical Fraud Workplace.

“If I used to be smug at instances earlier than, my ego has taken fairly a battering since,” Mr Johnson stated in his column. “In enterprise, we depend on honesty from these round us and techniques designed to forestall misbehaviour.”

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