Patisserie Valerie owner Patisserie Holdings has announced that it is appointing a host of new executives, including a new chief executive, a new interim chief financial director, a new non-executive director, a new commercial director and a new production director.
More interesting, the company says its forensic accountants have discovered that "the misstatement of its accounts was extensive, involving very significant manipulation of the balance sheet and profit and loss accounts".
"Among other manipulations, this involved thousands of false entries into the company's ledgers," said Patisserie Holdings.
The firm said it will take some time before a reliable trading outlook can be completed.
It has hired KPMG to carry out a review of all options available to Patisserie Holdings in recovering from fraud, and it has appointed RSM as auditors to create a restatement of the company's accounts once the fraud and attend accounting issues have been investigated.