Grant Thornton Faces Legal Threat in Patisserie Valerie Case

Creditors have hired a new liquidator for the bakery chain Patisserie Valerie, opening the door to possible legal action against its auditor, Grant Thornton LLP.

Creditors of Patisserie Holdings Plc appointed a new liquidator July 26 in place of KPMG LLP.

KPMG said earlier this year that a different administrator would need to handle any claims against Grant Thornton because of a conflict of interest. KPMG, which audits both the bakery chain and KPMG itself, said it could not take legal action against its own auditors as Patisserie Valerie’s administrator.

• Restructuring specialist FRP Advisory LLP said in an emailed statement ...