• Register
Return to: Home > News > Financial Results > Grant Thornton back under spotlight over Patisserie Holdings

Grant Thornton back under spotlight over Patisserie Holdings

In its latest interim report on the status of Patisserie Holdings before handing off its job of administrator to liquidators from FRP Advisory, KPMG said: “We expect that the liquidators will be assessing and, if appropriate, pursuing potential claims against third parties in respect of the apparent accounting misstatements that were uncovered in October 2018.”

Previously, KPMG said in March ‘there may be sufficient grounds to establish potential legal claims against a number of parties’ which ‘may include Grant Thornton’. 

However, in its latest update, KPMG said it does ‘not expect to realise any value from the company’s investments in subsidiaries’.

Preferential claims have been estimated at £835,000 but it would appear that there are not enough assets ‘to make a distribution to preferential creditors’. KPMG also said that the £2.45m pumped into the business by Luke Johnson to pay wages and administration fees had not been repaid.

KPMG is standing down as administrator of Patisserie Holdings over a conflict of interest – Grant Thornton audits KPMG. Grant Thornton is under investigation by the Financial Reporting Council over Patisserie Holdings while the Serious Fraud Office also has an ongoing investigation into the collapse of the company.

Top Content

    Brazil: regulation and technology form basis for recovery

    Opportunities in the capital markets and the ever-growing influence of technology are expected to have a significant impact on the Brazilian accounting profession over the next 12 months, writes Paul Golden.

    read more

    Mentoring support and the opportunity to delegate

    Jon Lisby will be known to many from his former role as CEO of Kreston International. Here, he explains the background to his new venture, Global Alliance Advisory Services (GAAS), and how he aims to offer support to alliance CEOs.

    read more

    Global by name, global by nature

    Stephen Heathcote became chief executive officer of PrimeGlobal on 1 June 2019. Robin Amlôt met him to discuss the various new challenges that he has taken on, and his ambitions for the association.

    read more

    ARGA team, assemble!

    The new top team has been named that will see in root-and-branch reform at the Financial Reporting Council (FRC) as it transforms into the Audit, Reporting and Governance Authority (ARGA). Will the new duo be as dynamic as some are hoping? Robin Amlôt reports.

    read more


    As the Coronavirus (COVID-19) continues to spread across the world, the International Accounting Bulletin and The Accountant will be collating all the latest news and updates from the profession on the pandemic’s impact.

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.