Patisserie Valerie had a £94 million hole in its accounts, more than twice the estimatesLiquidators to Patisserie Valerie have launched a £200 million legal claim against Grant Thornton, auditor of the cake chain that collapsed amid a suspected fraud. FRP Advisory is seeking the damages from Britain’s sixth biggest audit firm, alleging it was “negligent in the preparation and conduct of the 2014 to 2017 financial statements”. SponsoredThe liquidators are being advised by Mishcon de Reya, the law firm. Grant Thornton audited Patisserie Valerie’s accounts for 12 years until the chain collapsed into administration in January 2019 following the emergence of an accounting scandal. The claim is the latest setback for Grant Thornton, which last year lost a lengthy battle to overturn a judgment for failings in its auditing of AssetCo, a fire-engine leasing company.

Source: The Times January 07, 2021 22:18 UTC