Been a fair few people commentating for a while how it's amazing how well it's been doing given the general pains of the UK high street. Now we know the secret of their success.
20 July 2018
Patisserie Holdings plc, the leading UK branded café and casual dining group announces that on 18 July 2018 the Company
issued 666,666 ordinary shares of 1 pence each ("Ordinary Shares") under its existing blocklisting following the exercise of
share options under the Long Term Incentive Plan (LTIP) by Chris Marsh, Director and PDMR of the Company, at an
exercise price of 316.00 pence per share.
Mr Chris Marsh subsequently sold these shares at a price of 418.00 pence per share.
Following the issue of the new Ordinary Shares, the number of Ordinary Shares in issue will increase to 103,848,832. Mr
Marsh's resultant interest in the share capital of the company remains at 465,052 shares.
Clubman - I can't wait to see how it was hidden, there just isn't anywhere for a listed company that shouldn't jump out at any credible auditor! Wonder which of the big4 is contacting their insurers right now...? Anyone checked the accounts to see who signed off on their last audit?
You often see this though - decent business, spend years building up a brand (and I loved PV when it was just one shop) and then someone (often Luke Johnson) decides to have one in every high street and the whole thing comes tumbling down.
I think its usually the speed at which restaurant chains expand rather than mere numbers that buggers them - over-extending.
if the ivy went from 8 to (say) 12 in one year that might be enough to put them too far into debt. But in this market hopefully they wont be that stupid.
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What will I do now?
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they'll have to get somebody to by food for an office lunch meeting.
that should fill the hole.
(been watching with a fascinated WTF on my face...)
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Very good place to get popular with the support staff on your birthday.
Luke Johnson must be full on raging, heh. I know the client partner at his usual law firm, if I were him I'd be carefully vetting my calls right now!
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Been a fair few people commentating for a while how it's amazing how well it's been doing given the general pains of the UK high street. Now we know the secret of their success.
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which implies they've been pumping the LFLs for a while. where the F do you hide that on the balance sheet at the audit?
and did nobody but the cfo know the %s where hooky?! how did they not reconcile to stock / till reports?
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is this about patisserie valerie or something else?
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ah I did not know that their code was CAKE
I feel even sadder now
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Cake is a made up drug
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in my observed experience of auditors re tax you just drone at them until the deadline and they give you a tick
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LOL
20 July 2018
Patisserie Holdings plc, the leading UK branded café and casual dining group announces that on 18 July 2018 the Company
issued 666,666 ordinary shares of 1 pence each ("Ordinary Shares") under its existing blocklisting following the exercise of
share options under the Long Term Incentive Plan (LTIP) by Chris Marsh, Director and PDMR of the Company, at an
exercise price of 316.00 pence per share.
Mr Chris Marsh subsequently sold these shares at a price of 418.00 pence per share.
Following the issue of the new Ordinary Shares, the number of Ordinary Shares in issue will increase to 103,848,832. Mr
Marsh's resultant interest in the share capital of the company remains at 465,052 shares.
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heh, 4 weeks ago
https://www.thetimes.co.uk/article/luke-johnson-a-business-beginners-guide-to-tried-and-tested-swindles-08220xhqf
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:-/
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Clubman - I can't wait to see how it was hidden, there just isn't anywhere for a listed company that shouldn't jump out at any credible auditor! Wonder which of the big4 is contacting their insurers right now...? Anyone checked the accounts to see who signed off on their last audit?
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it's GT
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It's GT.
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Looks like Grant Thornton
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Heh, woops!
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Walks like Grant Thornton
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clearly breaking up the big 4 and letting the little boys play too isn't a good thing
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You often see this though - decent business, spend years building up a brand (and I loved PV when it was just one shop) and then someone (often Luke Johnson) decides to have one in every high street and the whole thing comes tumbling down.
The Ivy will be next - mark me.
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The reality of audit is there's very little chance of them catching deliberate fraud except by chance.
The company controls the systems and the numbers, if they opt to deliberately lie then concealing it from auditors is trivial.
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but CASH
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it's got a tiny balance sheet. it's massively material. it's not like they can fudge stock or WIP
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£28.8million of it...?
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what pancakes said
auditors are usually about 12 and can't tell when someone is fudgin
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They might not be able to fudge stock, but do they stock fudge?
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Lucky barsteward. I full on heart Kate Moss.
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*peers over glasses at tecco*
interesting
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Strutters Ivy is still very much a very small chain of less than 8 or so I doubt they have plans to open a hundred of them.
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Looking at the balance sheet it is really hard to see where the disaster could be hiding.
Wonder if this gonna be another Parmalat, full on forged bank statements type deal.
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Try 28 and counting
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I think its usually the speed at which restaurant chains expand rather than mere numbers that buggers them - over-extending.
if the ivy went from 8 to (say) 12 in one year that might be enough to put them too far into debt. But in this market hopefully they wont be that stupid.
they all think they’re mcDonalds dont they.
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