Ex-Patisserie Valerie Boss ‘Felt Like Emigrating’
Luke Johnson, the former chairman of bakery chain Patisserie Valerie, has said he reflected migrating.
He also is afraid of becoming an “outsider” in business, he said in his column for the Sunday Times.
The former boss told that in difference to corporate struggles such as those of Debenhams, the fall of his firm was “horribly rapid”.
Mr. Johnson was the biggest shareholder in the chain, which went into management in January.
Mr. Johnson is responsible part of the company’s failure on the industry becoming harder to work in, including having to pay higher wages and the increasing cost of materials.
The accounting black hole at Patisserie Valerie was found to be £94m in March, more than dual a prior approximation, according to a report by its supervisors.
After it fell into administration, the cafe chain was found to have overstated its cash position by £30m and unsuccessful to release overdrafts of nearly £10m.
The former finance administrator of the chain, Chris Marsh, is under inquiry by the Serious Fraud Office.
“If I was proud at times before, my ego has taken quite a battering since,” Mr. Johnson said in his column. “In occupational, we rely on morality from those around us and systems planned to prevent bad behavior.”