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Patisserie investors back share placing

Patisserie investors back share placing

Just when it looked as though Patisserie Holdings (CAKE) might have been toast due to accounting fraud, an equity issuance appears to have salvaged the business. The owner of the Patisserie Valerie café chain successfully placed 31.5m shares at 50p each, raising £15.7m. The money, alongside funds from chairman Luke Johnson, looks to be enough to plug the accounting hole the cake maker discovered last week. The fully subscribed placing suggests that investors are willing to overlook this incident, and believe in the future of the business.

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