Grant Thornton and the FRC declined to comment on the impending conclusion to the regulator's investigation into the auditing of Patisserie Holdings. The FRC is expected to be replaced by a new statutory watchdog called the Audit, Reporting and Governance Authority. Ministers are preparing the next phase of reforms to the audit profession and its supervision following public and political outrage over the collapse of companies such as BHS and Carillion. The conclusion of its probe follows recent large fines imposed on EY for failings in its audit of Stagecoach, the transport operator, and KPMG and one of its former partners for their work on Silentnight, a bed manufacturer. The FRC's investigation into Grant Thornton's auditing of the cafe chain encompassed its 2015, 20 accounts, according to a statement in 2018.
The firm is also facing a £200m damages claim from FRP Advisory, Patisserie Holdings' liquidator, for what was described as its "negligent" oversight of the company's books. Grant Thornton, which is the sixth-largest accountancy firm in the UK, has been hit with several previous FRC fines, including in relation to its audit of Conviviality, the drinks retailer. Mr Johnson has not been accused of any criminal wrongdoing and has continued to invest in leisure companies through his private vehicle, Risk Capital Partners. Luke Johnson, the seasoned entrepreneur who has been involved in many of Britain's most successful hospitality businesses, was the company's chairman and has described his emotional torment at the discovery of the apparent fraud.
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