Chris Marsh has resigned as finance director at Patisserie Holdings with immediate effect.

The board has accepted his resignation, while reserving its position in respect of any potential claims it may have against him.

Marsh was suspended from his role at Patisserie Holdings on 9 October 2018, and was subsequently arrested before being released on bail, following the discovery of a £20m accounting ‘black hole’.

The company admitted it had found “a material shortfall between the reported financial status and the current financial status of the business”.

Earlier this week Patisserie Holdings has announced that the winding up petition against Stonebeach Limited, its principal trading subsidiary, was dismissed by the High Court of Justice, Business and Property Courts on 23 October 2018.

On 10 October that the board of Patisserie Holdings revealed a winding up petition relating to a £1.1m unpaid tax bill. The company said it had become aware of the petition against Stonebeach that day, despite it being filed at The High Court of Justice on 14 September

According to The Times, Patisserie Holdings has drafted in investigators from US professional services firm Alverez & Marsal to review its tax liabiliies and amid questions about how a £1.14m bill went undiscovered by the board. They are said to be working alongside accounts at PwC to trawl the company’s books. 

Patisserie Holdings has also responded to press commentary about the company’s three-year long-term incentive plan for executives (LTIP), and has confirmed the current status of awards under the LTIP for the years between 2014 and 2016.

In the announcement on the London Stock Exchange, the company said the as part of the ongoing investigation, is seeking to understand why the grant of options relating to 2015 and 2016 have not been appropriately disclosed and accounted for in its financial statements.