Luke Johnson has admitted that Patisserie Holdings was three hours from going bust as shareholders in the café chain overwhelmingly backed an emergency fundraising to plug a £40m black hole in its accounts.
Johnson, executive chairman of Patisserie Holdings, was speaking at a shareholder meeting yesterday where investors voted in favour of a £15.7m share issue, lifting the threat of administration from the company.
Investors speaking for more than 99% of the shares voted in favour of the resolutions. However, small shareholders attending the meeting convened to implement the placing were angry that they were not given the opportunity to participate.
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