Patisserie Valerie entered into administration at the start of this year following the discovery of fraud within the company. It is thought that inflated profit margins and sale figures, and thousands of false entries in the company's ledgers caused the company's accounts to be overstated by approximately £94m. These factors were not identified by auditor Grant Thornton when it conducted its audit. This was despite the fact that suspicions were raised by HMRC over two years ago.