Worrying times for Patisserie Valerie

This story is over

The future of Lincoln’s Patisserie Valerie has been plunged into doubt as the company has announced it could be forced to close if it does not get an ‘immediate injection of capital’.

This comes after the company’s finance director Chris Marsh was arrested on October 11 in relation to ‘potentially fraudulent’ accounting irregularities.

Today (October 12), the Serious Fraud Office has announced that it has opened a criminal investigation into ‘an individual’ at the company, however did not name the individual.

According to reports, the chain, which has 200 stores across the country, including on Lincoln High Street, and employs around 3,000 people nationwide, is believed to have discovered a hole in its accounts of more than £20 million.

Marsh, who has been bailed, has been suspended from the firm, and the company has now said it is unsure if it will be able to pay its staff this week.

Accountants from PWC are understood to be on stand by to handle an administration process if the company, which is said to be valued at £450 million, collapses.