- Duff & Phelps may charge a further £302,000
- The administrator’s total fees would reach £3.6m
BHS administrator Duff & Phelps stands to make further fees for work following the retailer’s collapse, which would bring its total remuneration to almost £4m.
Duff & Phelps, one of two administrators of BHS, revealed in a report for one of BHS’ property subsidiaries that it could charge another £302,000, bringing the amount received to £3.6m, according to The Times.
Duff & Phelps has already received £242,730 of the additional amount and maintained that the total for the extra time it had spent on BHS should have been even more at £455,722.
The extra expense resulted from Duff & Phelps’ work on freehold and leasehold property and tax affairs, as well as further financial review and investigation costs.
The fact that the administrator’s fees have risen is likely to be bitter news for BHS’ unsecured creditors.
They are thought likely to get back little of the money they were owed when the retailer collapsed just over a year ago.
Fees paid to Duff & Phelps are on top of those being paid to BHS’ other administrator, FRP Advisory.
The latest administrator’s report also revealed that it was anticipated that former BHS owner Sir Philip Green, a secured creditor, would get the full £35m he is owed as a secured creditor.