Another exit at troubled cake chain
The deputy chairman of Patisserie Valerie has resigned a day after the group revealed the extent of an accounting scandal which pushed it close to collapse last year.
Lee Ginsberg will leave Patisserie Holdings, the cake chain's parent company, with immediate effect. His departure follows the exit of non-executive director James Horler earlier this week and leaves chairman Luke Johnson as the only remaining board member from before the crisis.
Mr Ginsberg stepped down from his position as chairman of the company's audit committee in December to be replaced by new board member Jeremy Jensen. It comes a day after Patisserie unveiled the "devastating" extent of irregularities in its accounting, which included thousands of false entries into the company's ledgers.
The firm said an initial investigation pointed to cashflow and profitability being worse than previously thought when details first emerged in October.
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