Lee Ginsberg, a non-executive director of Patisserie Valerie's parent company Patisserie Holdings, has resigned with immediate effect.

The deputy chairman of Patisserie Valerie resigned a day after the group revealed the extent of an accounting scandal which pushed it close to collapse last year.

Patisserie Holdings is the parent company of the cake chain, which has outlets across Scotland.

His departure follows the exit of non-executive director James Horler earlier this week and leaves chairman Luke Johnson as the only remaining board member from before the crisis.

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It comes directly after Patisserie unveiled the "devastating" extent of irregularities in its accounting.

The firm said an initial investigation pointed to cashflow and profitability being worse than previously thought when the problem was first discovered in October.

A rescue plan was passed by shareholders in November, resulting in the issue of £15 million worth of new shares.

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Primark owner Associated British Foods has said profits at the budget fashion chain are "well ahead", despite a fall in like-for-like sales over its festive quarter.

The retailer saw a "modest decline" in like-for-like sales in the 16 weeks to January 5, although total sales lifted four per cent as it opened more stores.

It cheered a better-than-expected festive performance for its budget high-street chain in the UK, with total sales up 1%.

Shares in the FTSE 100-listed group jumped 6% higher.

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Primark had previously warned that trading was "challenging" in the run-up to Christmas, reporting that like-for-like sales fell 2.1% in the year to September as bad weather weighed on trading in Europe.

Overall, AB Foods - which also owns a sugar business and grocery business including Twinings and Ovaltine - saw group-wide revenues rise 2% on a constant currency basis in the 16 weeks.

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Mr Kipling cakes firm Premier Foods has said finance chief Alastair Murray will replace outgoing boss Gavin Darby on an interim basis while the hunt for a permanent successor continues.

Mr Darby is leaving at the end of the month after Premier announced his departure in November in the wake of pressure from activist hedge fund Oasis Management.

The announcement came as Premier Foods said group sales fell 2.2% in its third quarter to December 29, with sweet treat revenues off 6.9% due to "implementation challenges associated with its logistics programme".

Non-branded sweet treat sales plunged 20.7% in the quarter as it also pulled out of a number of lower margin seasonal and non-seasonal cake contracts.