The owner of Patisserie Valerie has suspended its shares following the discovery of potentially fraudulent accounting irregularities.
Patisserie Holdings said it has been notified of "significant, and potentially fraudulent, accounting irregularities and therefore a potential material mis-statement of the company's accounts".
As a result, this has significantly affected the UK company's cash position and may lead to a "material change" in its overall financial position.
Patisserie has therefore asked that its shares be suspended from trading on the London Stock Exchange's junior AIM market while it carries out a full investigation into its true financial position.
In addition, finance chief Chris Marsh has been suspended from his role.
"We are all deeply concerned about this news and the potential impact on the business. We are determined to understand the full details of what has happened and will communicate these to investors and stakeholders as soon as possible", the company's chairman Luke Johnson said.
Mr Johnson is Patisserie Holdings' largest shareholder with a 37% stake.
In May, the firm reported a 14.2% rise in pre-tax profit for the six months ended March 31, up from £9.7m to £11.1m.
Revenue climbed 9.1% to £60.5m, it said at the time.
Patisserie Valerie trades from more than 200 stores and also has a partnership with Sainsbury's, with branded counters present in the supermarket.
It has two shops in Ireland - one in Dublin's Henry Street and the second in Blanchardstown.
