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Patisserie Hldgs PLC (CAKE)

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Tuesday 22 January, 2019

Patisserie Hldgs PLC

Company Update

RNS Number : 8074N
Patisserie Holdings PLC
22 January 2019
 

For immediate release

 

22 January 2019

 

 

Patisserie Holdings plc

 

 

Company Update

 

Patisserie Holdings plc (AIM: CAKE) ("PH" or the "Company") announces today that, as a direct result of the significant fraud referred to in previous announcements, it has been unable to renew its bank facilities, and therefore regrettably the business does not have sufficient funding to meet its liabilities as they fall due.

As a consequence, the Directors have appointed partners at KPMG as administrators to the Company and its various subsidiaries.

 

The Chairman Luke Johnson has personally extended an unsecured, interest-free loan to help ensure that the January wages are paid to all staff working in the ongoing business ("the Loan"). This Loan will also assist the administrators in trading as many profitable stores as possible while a sale process is undertaken.

 

As a Director, and due to the size of his holding, the entering into the Loan by Luke Johnson will be deemed to be a transaction with a related party under Rule 13 of the AIM Rules. The independent Directors consider, having consulted with Canaccord Genuity, acting in its capacity as the Company's Nominated Adviser, that the terms of the Loan are fair and reasonable insofar as the Company's shareholders are concerned.

 

 

Enquiries:

Patisserie Holdings plc                        +44 (0)121 777 7000

Luke Johnson, Executive Chairman

Steve Francis, CEO

 

Nomad and Broker

Canaccord Genuity Limited                 +44 (0)20 7523 8000

Chris Connors

Henry Fitzgerald-O'Connor

 

Financial Public Relations

Maitland                                              +44 (0) 20 7379 5151

Sam Cartwright

Jonathan Cook

 

 

END

 


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