LEGAL | Staff Reporter, UK

Audit firm Grant Thornton hit with lawsuit over collapse of Patisserie Valerie

The chain collapsed in 2019 after it discovered a black hole in its accounts.

Accountancy firm Grant Thornton has been hit with a lawsuit over its auditor role to Patisserie Valerie, which collapsed in 2019 after it discovered a significant hole in its accounts.

Restructuring firm FRP Advisory has been working with the chain to investigate whether it can pursue legal claims against Grant Thornton, which failed to identify suspected wrongdoing with its accounts.

Grant Thornton audited Patisserie Valerie's accounts for 12 years and has been under scrutiny since the discovery of a £94 million hole in the chain's accounts in January 2019.

The brand was sold to Ireland-based Causeway Capital last year after the group fell into administration.

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