Debenhams’ administrators have made £5.3m in fees in the two years since the derpartment store chain filed for insolvency.
FRP Advisory was appointed to Debenhams in April 2020 after the retailer went bankrupt for a second time, shortly after lockdowns forced the closure of its stores. While the brand was sold to BooHoo for £55m last January, its 124 stores closed. Almost 90% still remain unoccupied.
According to new documents, Debenhams’ hedge funds have now received £314m from the administration process, while unsecured creditors — including local authorities, HM Revenue & Customs and defined benefit pension schemes — are unlikely to receive any return.
The administrators’ report reveals that FRP partners’ charges had increased from £495-£595 an hour to between £595-£695, while a junior professional and support staff rate had also risen from £150-£195 to between £175 and £245. An FRP spokesman declined to comment.
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