Following the FRC investigation, mid tier firm Grant Thornton has been given a financial sanction of £4m, adjusted for aggravating and mitigating factors and discounted for admissions and early disposal to £2.34m, while the lead audit partner has also been fined over audit failures.

Patisserie Holdings was the holding company for a group of companies trading predominantly under the brand Patisserie Valerie, a high street chain of cake shops.