Secret £10million overdraft unearthed at troubled cafe chain Patisserie Valerie

SECRET overdrafts of £10million have been unearthed at troubled cafe chain Patisserie Valerie.

Credit facilities were set up with Barclays and HSBC and £9.7million had been used by the time they were discovered last week, chairman Luke Johnson has revealed.

He called the discovery a bombshell and said he had “no inkling this was going to happen”. Mr Johnson told The Sunday Times: “I’ve never had an experience like this in my career and I hope never to repeat it.

“It’s certainly been the most harrowing week of my life.”

The chain’s future was thrown into doubt last week after it uncovered fraudulent activity and was served with a winding up order over £1.14million owed to the taxman.

Mr Johnson pledged up to £20million in new loans on Friday to avert a collapse and save about 2,800 jobs.

most read in uk news

FOREST GRUMP

Andrew shouted at gardener over wrongly-cut trees after being served writ

STORM TRAGEDY

Boy, 9, becomes 2nd victim killed by storm as woman dies in Scotland

KNIFE ATTACK

Boy, 17, & man, 21, stabbed to death after vicious brawl outside pub

LYCETT'S LEAKS

I 'leaked' Gray report as I couldn't be there for dying pal, says Joe Lycett

Another £15million was raised through the issue of new shares.

He said he felt he was “in a nightmare” but that he felt a moral obligation to save the business.

The Serious Fraud Office is investigating. Finance director Chris Marsh was arrested but later released.

  • GOT a news story? RING us on 0207 782 4104 or WHATSAPP on 07423720250 or EMAIL [email protected]

    Source: Read Full Article

    Previous post Seventh body found in case of landscape gardener and alleged Gay Village serial killer Bruce McArthur
    Next post Bengals' Evan McPherson Told Holder 'Let's Just Be Legendary' Before Game-Winning Kick