Paul May, the chief executive of Patisserie Valerie, has resigned today a month after the troubled chain revealed a ‘black hole’ in its finances. May will be replaced by turnround specialist Stephen Francis, effective immediately.
The chain’s shareholders have just approved a rescue deal some days ago.
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— Patisserie Valerie (@valeriecafe) November 13, 2018
The chain said Francis was a “strong leader and experienced turnround chief executive with a proven record of rapid operational performance improvements,” and had completed four such rescues since 2005.
Sources told Sky News that May – a long-time business partner of the company’s chairman Luke Johnson – had decided to go.