A married couple who allegedly oversaw the collapse of Patisserie Valerie after a £94million hole was discovered in the accounts appeared in court charged with fraud.
Chief financial officer Christopher Marsh, 49, and his wife Louise, 55, are accused of ‘inflating’ figures in the bakery chain’s annual accounts for three years, starting in October 2015.
Patisserie Valerie was listed on the Alternative Investment Market (AIM) with 200 stores across Britain, employing 3,000 staff. But in 2019 the company collapsed costing 900 people their jobs.
Prosecutors claim Christopher Marsh along with financial consultant Nileshkumar Lad, 50, and financial controller Pritesh Mistry, 41, lied to HSBC and Barclays about holding ‘reserves of cash’.
Fraud charges: Former Patisserie Valerie chief financial officer Christopher Marsh (pictured) and his wife Louise, are accused of ‘inflating’ figures in the bakery chain’s annual accounts
It is also alleged the three submitted false invoices to the accountancy firm Grant Thornton who were acting as the company’s auditors at the time.
Their first appearance in court follows on from a five-year investigation by the Serious Fraud Office launched in 2018 shortly before the chain went into administration.
All four are charged with conspiracy to defraud shareholders and banks ‘by dishonestly agreeing to misstate and inflate the figures’.
Christopher Marsh, Lad and Mistry also each face five charges of fraud by false representation and one of making or supplying an article for use in fraud.
Marsh is charged with a further count of publishing false statements while director at Patisserie Valerie.
At Westminster Magistrates’ Court yesterday, the four accused spoke only to confirm their name, age and addresses.
District Judge Daniel Sternberg told them to be ready to enter pleas on November 7 at Southwark Crown Court.
Keir Monteith KC, representing Christopher Marsh said: ‘My client is of exemplary good character.’
Louise Marsh is represented by Mark Heyward KC who defends and prosecutes high-profile cases.
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