The finance director of stricken cakes and cafe chain Patisserie Valerie has been arrested by police, the company has told the stock exchange.
Chris Marsh, 44, who joined the company in 2006, was arrested on Thursday night and has been bailed.
The finance director was suspended on Tuesday night when the 200-strong cafe chain revealed “significant and potentially fraudulent” accounting irregularities. The business is understood to have discovered a hole in its accounts of more than £20m.
On Thursday, Patisserie Valerie, which has nearly 3,000 staff, said it would be forced to close down if it did not get an “an immediate injection of capital”. The chain was unable to say if its staff would get paid this week.
Accountants from PWC in Birmingham are understood to be standing by to handle an administration process if the company collapses.
Patisserie Valerie was valued at £450m on the stock exchange before its crisis emerged.
For more read the full of article at The Guardian
