Patisserie Valerie: Four people in court over bakery chain collapse

The former chief financial officer of Patisserie Valerie is among four people who have appeared in court over the collapse of the bakery chain.

 

Christopher Marsh, 49, a former director of Patisserie Holdings, the company behind Patisserie Valerie, and his wife, accountant Louise Marsh, 55, appeared on charges brought by the Serious Fraud Office (SFO).

 

Financial controller Pritesh Mistry, 41, who was Christopher Marsh's former number two, and financial consultant Nileshkumar Lad, 50, also face fraud charges.

 

An investigation was launched by the SFO in 2018 after the bakery chain, which at one point had 200 stores, collapsed into administration after the discovery of a £94m hole in its accounts.

 

The business ultimately closed 70 sites, with the loss of over 900 jobs, when its debts were revealed.

 

The four defendants sat side-by-side in the dock at Westminster Magistrates’ Court today (10 October), speaking only to confirm their names and addresses.

 

They all face charges of conspiracy to defraud.

 

Christopher Marsh, Mistry, and Lad also face five charges of fraud by false representation and one of making or supplying an article for use in fraud.

 

Christopher Marsh also faces a charge of making false representations as a company director.

 

None of the defendants were asked to enter any pleas, although the Evening Standard reported that Christopher Marsh intends to fight the charges at trial.

 

District Judge Daniel Sternberg sent the case to be heard at Southwark Crown Court on 7 November.

 

All four defendants were granted conditional bail, and ordered not to contact each other, except for Christopher and Louise Marsh, who live together.

 

Patisserie Valerie and its remaining 96 stores was sold to Causeway Capital Partners, an Irish private equity firm, in 2019.

 

In 2022, accountancy firm Grant Thornton, which audited Patisserie Valerie for 12 years, was fined a reported £200m for failing to spot any irregularities in its accounts.

 

*Image: James Copeland / Shutterstock *