Home Business I'll work for free, says chairman of knit cafe chain Patisserie Valerie

I'll work for free, says chairman of knit cafe chain Patisserie Valerie

Pledge: Luke Johnson said he was focusing on saving Patisserie Valerie

Pledge: Luke Johnson said he was focusing on saving Patisserie Valerie

Pledge: Luke Johnson said he was focusing on saving Patisserie Valerie

Patisserie Valerie chairman Luke Johnson has relined his salary and resigned from a string of other jobs as part of his efforts to revive the troubled chain's fortunes.

The serial entrepreneur has said he will not take a penny of his annual £ 60,000 salary for the rest of his time at the 206-outlet coffee and cakes chain which has been rocked by an accounting scandal.

He came under fire from corporate governance watchdogs earlier this year for having too many jobs.

Zoggs, West End entertainment business AKA Group, theater company Generation of Z and Beak Street Films.

The resignations came after Johnson's Opinion in the Accounts of Patisserie Holdings last month.

The firm said it had discovered 'significant, and potentially fraudulent, accounting irregularities'.

It now has a net debt of around £ 9.8 million, having previously reported a net cash position of £ 29 million.

Finance boss Chris Marsh was arrested by police and released on bail without charge. The Serious Fraud Office said it has 'opened a criminal investigation into an individual,' without identifying them.

The shares were worth £ 4.29 before the scandal but have since been suspended from trading on the stock market. Mark Brumby, chief executive at investment advisory firm Langton Capital, said the shares could have been as little as 60p when they begin trading again. When the stock's suspension wants to be lifted.

Giving up his annual salary is likely to be as an effort to show.

Johnson endured a meeting with Patisserie Valerie's shareholders in London last week.

The 56-year-old "The focus is on this job in hand for the foreseeable future".

He said the company had three hours to go out of business when he wrote a plan to save it with £ 20 million in loans and a £ 15 million rights issue.

However, the millionaire was given a hard time by his investors, who finally approved the plan. Darcey Bussell, scolded Johnson When do you talk to me, sir. You are in the dock. I have the floor. 'Another described Johnson as' arrogant'.

The refinancing has Johnson's stake in Patisserie Valerie from 37 per cent to 28.5 per cent.

Johnson has too many board roles. He is also on the boards of two listed businesses – Brighton Pier Group, which chairs, and Elegant Hotels Group. But he is also registered as a director at dtoms of firms and their subsidiaries. In a newspaper column earlier this year, corporate governance groups blundered as 'eunuchs giving sex lessons'.


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