Patisserie Valerie

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  • veryintrigued
    veryintrigued Posts: 3,843 Forumite
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    Zola. wrote: »
    I'd say the Finance director is crêpping themselves right now.

    Well that's scone and lowered the tone.
  • OldMusicGuy
    OldMusicGuy Posts: 1,758 Forumite
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    DesmondT wrote: »
    But I do think I have a right to expect a Company to provide accurate and truthful accounts for me to base my calculations on. Am I being unreasonable?
    Indeed you do, but as someone that worked in finance for several large corporates, I can tell you some sail pretty close to the wind. I have been involved in things that were designed to deflect auditors from paying too much attention to the areas where we were playing rather "fast and loose" with accounting standards and how much revenue was recognised.

    There is also alleged fraud here as well, and I've seen cases where very large companies have been swindled out of large sums of money by senior treasury and finance officials. That is quite hard to stop the first time it happens.

    In all of these cases it's the auditors that are there to provide a further set of checks and to verify that the accounts represent a true and fair view of what's going on. There are many cases I have seen where auditors are happy to take the cash for their services rather than really challenge the company on what they are doing. The audit companies and audit processes are definitely in need of reform IMO.

    Hopefully the rescue plan here might allow the company to continue trading and rebuild itself.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
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    DesmondT wrote: »
    In terms of the mechanics of this, will these new 50p shares be offered to existing shareholders first - or is that not allowed?

    Thanks

    Existing shareholders are likely to be heavily diluted. As the company is essentially worthless, except for the intangible value of the brands themselves.
  • CakeCrusader
    CakeCrusader Posts: 1,118 Forumite
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    Their finance director was arrested this morning; https://www.theguardian.com/business/2018/oct/12/finance-director-of-crisis-hit-patisserie-valerie-arrested-chris-marsh


    Their cake are watery and tasteless by the way, they are batch made and frozen. So not worth £3.50-£4.00 for one slice.
  • kidmugsy
    kidmugsy Posts: 12,709 Forumite
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    DesmondT wrote: »
    But I do think I have a right to expect a Company to provide accurate and truthful accounts for me to base my calculations on. Am I being unreasonable?

    If you mean that you expect always to be provided with accurate and truthful accounts then of course you are being unreasonable.

    The accounts are prepared by humans, who will include among their number the ill, the ignorant, the dim, the reckless, and the crooked. Mistakes will be made: some accidental, some deliberate, some a blend of the two.
    Free the dunston one next time too.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
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    DesmondT wrote: »
    I regard investing more as calculated speculation than a random gamble - I do think there is a difference. I'm more than prepared to accept that some speculations will turn out badly - which is why I would never speculate more than I can afford to lose.

    But I do think I have a right to expect a Company to provide accurate and truthful accounts for me to base my calculations on. Am I being unreasonable?

    Google Polly Peck and have a read. Fraud is nothing new. Nor is a Company suddenly hitting a rocky financial patch. Companies like the people that run them, come and go.
  • kidmugsy
    kidmugsy Posts: 12,709 Forumite
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    Thrugelmir wrote: »
    With risk comes reward

    I have a great aversion to this cliche on the grounds that it's complete rubbish. Risk need not yield reward.

    Without risk you are unlikely to receive unusual reward, true; but that's a plain different statement.
    Free the dunston one next time too.
  • System
    System Posts: 178,094 Community Admin
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    Yes, jumping out of an aircraft without a parachute is very risky, but the reward is very low!
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
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    kidmugsy wrote: »
    I have a great aversion to this cliche on the grounds that it's complete rubbish. Risk need not yield reward.

    The greater the return sought the higher the risk that must be undertaken. Is that better?
  • veryintrigued
    veryintrigued Posts: 3,843 Forumite
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    Zola. wrote: »
    I'd say the Finance director is crêpping themselves right now.

    What do you think has happened to the dough?
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