Patisserie Valerie chairman describes £20m accounting black hole as a ‘nightmare’

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Patisserie Valerie chairman describes £20m accounting black hole as a ‘nightmare’

Luke Johnson has agreed to lend the struggling cake chain £20m of his own money

Luke Johnson, the serial entrepreneur behind Patisserie Valerie, described the cake chain’s near-collapse as a nightmare, as he said the company had run up nearly £10m in secret overdrafts.

Patisserie Valerie’s finance director was arrested last week, after the company stunned the stock market by revealing it had found “significant, and potentially fraudulent, accounting irregularities”, reported to be more than £20m.

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