October 26, 2018 / 11:32 AM / a month ago

UPDATE 1-Patisserie Valerie owner's suspended finance director resigns

(Adds detail, background)

Oct 26 (Reuters) - Patisserie Holdings, the British cafe chain owner hit by an accounting scandal, said on Friday that its suspended finance director Chris Marsh had resigned.

The company, which owns Patisserie Valerie, also said it was reserving its position in respect of any potential claims it may have against Marsh, arrested this month and released on bail.

Marsh, a main figure in the success of Patisserie Valerie over the past ten years, has been suspended since an accounting black hole was discovered by the company. Under his watch, the company grew from only eight stores in 2006 to more than 200.

This week a petition for a winding up of the company’s main operating unit was dismissed by the UK’s High Court of Justice, Business and Property.

Patisserie had also responded to reports that two of its directors, Marsh and CEO Paul May, had been issued twice the number of shares it disclosed in official filings.

The company’s chairman, Luke Johnson, this month offered 20 million pounds ($25.58 million) of loans to keep Patisserie up and running, saving the 90-year-old company from collapse.

Shares of the company remain suspended. (Reporting by Sangameswaran S in Bengaluru Editing by David Goodman)

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