Patisserie Valerie confirms intention to replace auditor
Patisserie Valerie has confirmed its intention to replace auditors Grant Thornton as an investigation into suspected fraudulent activity and accounting irregularities at the bakery continues.
In a statement released today, the company said it intends to appoint RSM UK Audit LLP to replace Grant Thornton, once necessary professional processes have been completed.
The decision comes after historical statements of the cash position of the company were found to have been mis-stated and subject to both suspected fraudulent activity and accounting irregularities, including undeclared overdrafts amounting to £10m.
The Financial Reporting Council had previously announced that it has launched an investigation into accountancy firm Grant Thornton under the Audit Enforcement Procedure into statements for the years ending 30 September 2015, 2016 and 2017.
A separate investigation has been launched into Patisserie Valerie's former chief financial officer Chris Marsh's preparation and approval of the documents.
Marsh resigned in October after being suspended and later arrested on suspicion of fraud by false representation. Police arrested Marsh on 11 October before releasing him under investigation. The Serious Fraud office confirmed it had opened a criminal investigation.
Trading in the Patisserie Valerie's shares remains suspended.
