Professional advisers cash in on the carcass of BHS
Professional advisers working on the BHS case have raked in £1m in just six weeks even as the retailer's former workers wait on Sir Philip Green to make a contrbution to the BHS pension black hole.
According to Sky News, firms such as DLA and Savills earned £1.125m between 25 October and 2 December, and the total expenses charged since BHS collapsed into administration in April now comes to £2.8m.
Read more: Philip Green says he won't pay pension fund unless BHS successor does too
In total, BHS has 7,500 creditors, with claims totalling £1.3bn. Duff & Phelps has estimated that a dividend of between 2p and 8p in the pound will be returned to BHS' unsecured creditors as a result of its work on BHS. These figures mean the BHS pension deficit now stands at at least £525m.
At worst, the pension deficit would stand at £559.6m after a smaller contribution from the administrators. Many of BHS' secured creditors have already received a payout.
BHS was put into administration in April, with the loss of 11,000 jobs. The high street stalwart – the first store opened in London in 1922 – failed to adapt to changing market conditions, and was loss-making by the time Green looked to sell it.