Patisserie Valerie boss steps down from TRG board as audit firm CEO walks

Following the Patisserie Valerie accounting scandal revelation last week, the CEO of Patisserie Holdings has resigned from his role on the board of The Restaurant Group (TRG) 'with immediate effect'.

Paul May has stood down from his position at TRG, which owns brands such as Frankie & Benny's, Chiquito, and Garfunkel's, to focus on keeping his tea room-bakery chain afloat.

Patisserie Valerie announced last week that its board had found 'a material shortfall between the reported financial status and the current financial status of the business', which amounts to £40m.

In another turn, Patisserie Valerie's auditing company, Grant Thornton, has seen Sacha Romanovitch announce she will step down as chief executive when a successor is chosen.

In August, Grant Thornton was fined £3m by a watchdog for misconduct over its audits of Vimto-maker Nichols and the University of Salford.