Patisserie Valerie`s surprise lack of dough means auditors have some explaining to do
(The Guardian Business News)

On Monday, the business was worth £450m. Now it can only hope for a financial miracleThat vegan show-stopper cake on this week´s Great British Bake Off collapsed more slowly than Patisserie Valerie.On Monday, the business was a mini-stock market darling worth £450m. Its shareholders could supposedly sleep soundly because the cash balance at the end of March this year was £28.8m. The gross profit margin was reliably about 78% and, as bullish chief executive Paul May put it in May´s half-year figures, `Our business model converts profit to cash efficiently and delivers consistent and predictable cashflows.` Continue reading...