BHS administrators Duff & Phelps are set to receive over £3.6 million in fees as the company revealed an additional bill worth hundreds of thousands.
The company, which has been handling the collapsed retailers’ administration since its collapse last year, has revealed that it may charge an additional £302,000 on top of its already significant fees.
Duff & Phelps stated in its administrators report for property investment subsidy of BHS Lowland Homes that fees for the extra time spend on the process should actually have been higher, at £455,722, according to The Times.
It has already received £242,730 of this additional amount, and has stated these extra fees were incurred due to it having to deal with freehold and leasehole property and tax matters on top of additional investigation costs.
The soaring fees and sluggish process have already been heavily criticised by MPs including chairman of the Work and Pensions Committee Frank Field.
This spells further bad news for the 22,000 ex-BHS employees who have seen their pensions slashed due to the “black hole” left by the retailers collapse. Any unsecured creditors to the company will also be left largely out of pocket due to the increased bills, which come on top of the second administrator FRP Advisory’s bill.