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2m Fees for Focus Carve-up

A BIG City accountancy firm breaking up FOCUS DIY has trousered £2.1MILLION in fees in just one month.

Ernst & Young was appointed administrator in May.

A creditors report reveals its partners have been charging up to £990-AN-HOUR to advise on which stores to flog and staff to axe. But only Focus's private equity backers and banks will get money back from the administration. Hundreds of suppliers, landlords and councils will be left out of pocket.

Some 6,000 customers are still waiting for £1.8million of orders.
E&Y partner Simon Allport said there was little prospect of "any funds becoming available to unsecured creditors".

Focus collapsed in May under £415million of debt. E&Y revealed plans to close 120 of the 178 stores, triggering 3,300 job cuts.
Only a handful are still trading. E&Y's fees are paid by the lenders who get the money from takings in the past month.

Source : The Sun
www.thesun.co.uk/sol/homepage/news/money/3663331/2m-fees-for-Focus-carve-up.html

28 June 2011
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