CMS has been handed a mandate on the investigation into the £40 million accounting black hole that sparked turmoil at café chain Patisserie Valerie.

The firm’s role has emerged as Osborne Clarke, which had been working on a restructuring mandate for the company, and had reportedly bagged a role on the investigation, is no longer involved, according to one person with knowledge of the situation. A second person added that the firm was no longer working on a restructuring mandate for the client.