Patisserie Valerie chairman Luke Johnson to refuse salary

The chairman and executive director of embattled bakery Patisserie Valerie is to waive his annual salary for the rest of his tenure as he attempts to focus on bringing the chain back to life.

Johnson has told the company's board he will forego his £60,000 annual salary in light of the firm's recent accounting scandal, according to reports.

He will also give up some of his other directorships, of which he holds about 30. Though it is not known from which companies he will step down, his portfolio includes roles at premium bicycle firm Brompton Bicycles, popular attraction site Brighton Pier and swimwear company Zoggs.

It comes after Johnson was criticised for being spread too thin, as investors approved a rescue deal for the firm last week.

The former Pizza Express entrepreneur revealed at a meeting that the firm was just three hours away from collapse before the £25m deal was arranged last month, which saw Johnson plug £10m of his own money into the business.

Shares in the bakery, which announced a shock £40m hole in its finances last month, have been suspended from trading while the police conduct an investigation into potential fraudulent activity. Patisserie Valerie finance chief Chris Marsh is facing an investigation after being suspended.