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Patisserie Valerie boss quits Restaurant Group board

Frankie & Benny's is one of Restaurant Group's portfolio of popular brands
Frankie & Benny's is one of Restaurant Group's portfolio of popular brands

The under-fire chief executive of Patisserie Valerie has quit as a non-executive of one of Britain’s biggest listed dining groups.

Paul May will step down from the board of the Restaurant Group with immediate effect, it announced on Monday morning.

Restaurant Group chairman Debbie Hewitt said she could “understand” Mr May’s decision.

Patisserie Valerie’s tumultuous week was laid bare over the weekend as executive chairman Luke Johnson revealed his horror at finding out the company had opened multimillion-pound “secret” overdrafts.

The bakery and coffee was plunged into crisis after unearthing a £20m cash hole. It was taken to the brink, calling on shareholders and Mr Johnson to provide a rescue package. The move angered some investors, who claimed the ex-Pizza Express chairman had diluted their position to ensure his stake would not be left worthless. Around two-third’s of Mr Johnson’s £260m fortune was tied up in Patisserie Valerie before shares were suspended last Wednesday.

Paul May (right) is the chief executive of Patisserie Valerie - Credit: Clara Molden/Clara Molden
Paul May (right) is the chief executive of Patisserie Valerie Credit: Clara Molden/Clara Molden

Chris Marsh, Patisserie Valerie’s chief financial officer, was arrested and later released on bail. He had been suspended by the company as it announced "significant, and potentially fraudulent, accounting irregularities".

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It was reported on Monday that Patisserie Valerie’s parent company, Patisserie Holdings, was mulling legal action against Grant Thornton, its auditor, which gave the Aim-quoted company a clean bill of health in its most recent financial statements.

Restaurant Group’s portfolio of nearly 500 restaurants includes Frankie & Benny’s, Garfunkel’s and pub chain Brunning & Price.

Mr May was appointed in June 2017 with Ms Hewitt saying he had “a wealth of experience as a listed company director”.

Reflecting on his resignation, Ms Hewitt said: "On behalf of the board, I would like to thank Paul for the very valuable contribution that he has made since joining the business. We understand and accept his decision to step down and wish him all the best for the future."