Patisserie Holdings has announced that non-executive director and deputy chairman Lee Ginsberg has resigned with immediate effect.
The statement from the company said his decision to step down was in order to focus on his other commitments.
Ginsberg had also served as chairman of the Audit Committee at Patisserie Holdings.
The news follows the revelations yesterday that investigations had found that misstatement of the company’s accounts was “extensive”.
Patisserie Holdings said that work carried out by the company’s forensic accounts has revealed the misstatements involved a very significant manipulation of the balance sheet and profit and loss accounts. This involved “thousands of false entries into the Company’s ledgers”.
The company has hired KPMG to assist it in carrying out a review of all options available to it in order to recover from “the devastating effects of the fraud”, and to preserve value for its stakeholders going forward.
