Patisserie Valerie liquidators sue Grant Thornton for £200m for beancounter’s role in the café chain’s collapse
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.’