Details of FRP charges for Debenhams administration revealed
The latest administrator’s report for Debenhams reveals that FRP Advisory have received fees of over £7.2 million since the collapse of the retailer in 2020.
April 2020 was the second time the department store chain filed for insolvency. This was soon after the pandemic lockdowns accelerated the closure of the business’ stores.
FRP Advisory were then appointed to oversee the sale of the company’s assets. In January 2021 a deal was made to sell the Debenhams brand Boohoo for £55m. Some 12,000 jobs and 124 retail locations were lost as a result.
Since the deal was made, an additional £1.9m in remuneration between April and October 2022 was paid to FRP advisory, The Times reports.
The administrators’ report shows an increase in the hourly rate of FRP partners from £595 to £695 to £640 to £740 an hour. Similarly, junior professional and support staff rates rose from £175 to £245 to £190 to £260 an hour.