Deloitte could be charging as much as £22,000 an hour plus expenses for
taking control of Woolworths after it went into administration on Wednesday,
industry experts have estimated.
The Big Four accountancy firm has devoted 100 staff to the project with the
firm’s five partners leading attempts to find buyers for the wholesale and
retail businesses, The Guardian reported.
Partners in the insolvency arms of the big four accountancy firms charge up
to £600 an hour, according to industry insiders and fees for senior managers are
up to £400 an hour. It is believed that about 70 support staff are likely to be
charged out for the Woolworths assignment at around £130 an hour each, the
Deloitte has become the fastest growing of the big four accountancy firms in
terms of fees, gaining a reputation for aggressively pricing its work.
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The FRC has said that the investigation will 'consider, but not be restricted to, issues regarding misstated accounting balances'
Three new partners and seven business restructuring advisers have been appointed to the new Preston office