PracticeAccounting FirmsYou should be so lucky, pop mogul tells BDO

You should be so lucky, pop mogul tells BDO

Record producer Pete Waterman is preparing to counter-sue BDO Stoy Hayward in a £525,000 battle

BDO Stoy Hayward

BDO Stoy Hayward have taken the record producer to the High Court over unpaid
bills.

A spokeswoman for Waterman said: ‘The claim is wholly without merit and its
in the hands of our lawyers. It will be vigorously defended and a counter claim
put in place.’

The multi-millionaire, whose stable of artists included Kylie Minogue and
Steps, has failed to pay BDO’s invoices, according to a High Court writ. BDO is
suing Waterman, and his companies:
Pete Waterman Ltd;
London and North Western
Railway Co
; and
Just Like the
Real Thing Ltd
for £525,876.

The firm invoiced Waterman for £248,693 of work done between September 2003
and September 2007, but after paying £70,000 on account, he has refused to pay
the balance, according to the suit.

BDO was hired as tax agent and adviser to Pete Waterman group and its
subsidiaries, as well as auditors to PWL Group, the writ says.

In the legal documents, the firm claims that London and North Western Railway
Co still owe £226,657, for work including the de-merger of its steam business.
After interest has been taken into account, the total amount BDO is seeking
comes to £525,876.

The unit says Waterman and his companies did not raise any disagreements or
queries about the bills, but just declined to pay them.

The music mogul has written and produced more than 200 hit songs and was part
of the hugely successful team Stock Aitken and Waterman.

BDO said: ‘It is always our preference to settle any dispute with a client
amicably and we are seeking to do so in this situation.

‘However, it is sometimes necessary to issue a writ in order to protect our
own position.’

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