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Police Arrest Five Over Patisserie Valerie’s Financial Black Hole

The stricken bakery chain’s fall from grace stems from fraudulent accounting

Patisserie Valerie financial investigation sees five arrests Photo by Dan Kitwood/Getty Images

Once glamorous patisserie chain’s woes continue

Patisserie Valerie’s sudden slide into administration and its subsequent restaurant closures have now led to five further arrests, as former chairman Luke Johnson and new owners Irish Capital Causeway deal with the fallout that closed 70 restaurants and accounted for 900 lost jobs. While there has been scepticism over how exactly Johnson, senior management, and auditors Grant Thornton missed an elaborately concealed £94 million shortfall, the aftermath of the discovery — wherein investigators found serious mismanagement, broken ovens, and puff pastry made without butter — has exposed a pattern of errors. Expect this one to run and run. [Guardian]

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