How to make your money go further
Mr Johnson told us that the Assetco case has “possible relevance for a claim against them [Grant Thornton] as Patisserie Holdings’ auditors” and confirmed that he would be pushing administrators to instigate similar action. Grant Thornton is currently under investigation for failing to spot a £40m ‘black hole’ in Patisserie Holdings’ accounts and has faced backlash after its chief executive David Dunckley told a House of Commons committee that his firm did not look for fraud when carrying out audits.
The cake and coffee company, which had reported almost £30m of net cash in March last year is now expected to be in at least £10m of debt, while EBITDA guidance for the year to September 2019 has been slashed to £5m, compared to £27m in the 2017 financial year.
In 2011, Grant Thornton admitted incompetence in the performance of its audit of Assetco after the AIM-traded company lost 90% of its value following an…
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