Patisserie Valerie dumps CEO for turnaround guru Francis

Patisserie Holdings, the company that operates the Patisserie Valerie chain, replaced chief executive Paul May with former Tulip boss Stephen Francis on Thursday, as the company looks to get back on its feet after accounting irregularities came to light.

Francis has gained a reputation as a specialist in rapid operational turnarounds, having notched up four recovery jobs of multi-site, international businesses in the past 13 years.

Most recently he was helicoptered in to rescue Tulip, the UK owner of the Danepak pork brand, which was losing market share and haemorrhaging cash. Francis steered a return from significant losses, rebuilt the management team and completed a major growth acquisition.

Luke Johnson, chairman of Patisserie, said; "I am delighted to welcome Steve Francis as new CEO at Patisserie Holdings PLC. He has a strong track record of restoring value in turnaround situations, especially in the food industry, and the board looks forward to working with him in the revival of the business."

The AIM traded company, with May at the helm, has endured a tumultuous couple of months after a £40m black hole was found in its accounts, leading to finance director Chris Marsh stepping down in October.

Johnson, the former chief executive of Pizza Express who is Patisserie’s biggest shareholder, stepped in with emergency £20m loans to stave off the collapse of the café chain, before a £15m rescue package was agreed with institutional backers.

Patisserie Holdings’ shares remained suspended.