Grant Thornton audited Patisserie Valerie’s accounts for 12 years before it went bust
The liquidators of Patisserie Valerie are suing Grant Thornton for £200million for its role in its collapse.
Liquidator FRP Advisory has launched a claim against the accountancy giant, which audited the cake shop’s accounts for 12 years before it went bust.
Patisserie Valerie – whose former chairman is serial entrepreneur and anti-lockdown commentator Luke Johnson – collapsed into administration two years ago following the shock revelation of significant fraud at the company and the discovery of a £40million hole in its finances.
Grant Thornton failed to spot the fraud.
The lawsuit will be one of the largest brought against a top six auditor in the UK and would be a serious blow to the firm.
FRP said ‘large accounting misstatements’ resulted in Patisserie Valerie’s board ‘being unaware that the group has insufficient funds to continue to trade’.
Grant Thornton said: ‘We will rigorously defend the claim.
‘Patisserie Valerie is a case that involves sustained and collusive fraud, including widespread deception of the auditors.
‘The claim ignores the board’s and management’s own failings.’
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