Two former Patisserie Valerie finance bosses are among four individuals that have been charged in relation to the bakery chain’s abrupt collapse in 2018.
The charges are connected to an investigation that began two days after the bakery chain suspended trading in October that year, the Serious Fraud Office (SFO) said.
Among those facing charges is the company’s former chief financial officer Christopher Marsh, his wife Louise, financial controller Pritesh Mistry as well as financial consultant Nileshkumar Lad.
The government body said in a statement: “The SFO has charged all four suspects with conspiring to inflate the cash in Patisserie Holdings’ balance sheets and annual reports from 2015 to 2018, including by providing false documentation to the company’s auditors.
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“During this time, the company also reported holding £28m in accounts, yet concealed £10m in debts from its investors and creditors.”
The individuals are expected to appear before Westminster Magistrates Court next month to hear the charges against them.
Director of the SFO Lisa Osofsky added: “Patisserie Valerie’s abrupt collapse rocked our high streets – leaving boarded-up shops, devastating job losses and significant investor losses in its wake.
“Today is a step forward in getting to the bottom of this scandal.”
Auditor Grant Thornton was fined £2.34m after an investigation by the Financial Conduct Authority found a “serious lack of competence” in its audits.
The regulatory body also said the accountancy firm had “missed red flags” and failed to question information provided by management.
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