The finance director arrested and bailed following news of accounting irregularities at Patisserie Holdings has officially resigned from his position.
Chris Marsh was suspended almost three weeks ago as turmoil engulfed the 200-strong high street chain in the wake of revelations surrounding a £20m black hole in its books.
Parent company Patisserie Holdings confirmed he had now left the business: “Following the suspension of Chris Marsh on 9 October 2018, the company has now accepted his resignation as the company’s finance director with immediate effect, while reserving its position in respect of any potential claims it may have against him.”
The 44-year old was arrested on suspicion of fraud by false representation by Hertfordshire Police earlier this month, but was released under investigation.
The financial crisis facing Patisserie Holdings had threatened to sink the firm, with directors warning that it needed an immediate injection of capital to save the business.
Chairman Luke Johnson came forward to loan £20m of his own money to plug the gap in its finances while it also issued 30 million shares to raise £15m.
Mr Johnson owns 37% of the company.