Professional advisers cash in on the carcass of BHS

Helen Cahill
Follow Helen
MP's Vote To Strip Sir Philip Green Of His Knighthood In The Wake Of BHS Collapse
The store went into administration in April (Source: Getty)

Professional advisers working on the BHS case have raked in £1m in just six weeks even as the retailer's former workers wait on Sir Philip Green to make a contrbution to the BHS pension black hole.

According to Sky News, firms such as DLA and Savills earned £1.125m between 25 October and 2 December, and the total expenses charged since BHS collapsed into administration in April now comes to £2.8m.

Read more: Philip Green says he won't pay pension fund unless BHS successor does too

In total, BHS has 7,500 creditors, with claims totalling £1.3bn. Duff & Phelps has estimated that a dividend of between 2p and 8p in the pound will be returned to BHS' unsecured creditors as a result of its work on BHS. These figures mean the BHS pension deficit now stands at at least £525m.

At worst, the pension deficit would stand at £559.6m after a smaller contribution from the administrators. Many of BHS' secured creditors have already received a payout.

However, Green has said he will not contribute to the BHS pension black hole unless Dominic Chappell, who bought the struggling business for £1, coughs up some cash too.

BHS was put into administration in April, with the loss of 11,000 jobs. The high street stalwart – the first store opened in London in 1922 – failed to adapt to changing market conditions, and was loss-making by the time Green looked to sell it.

Related articles