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Auditors rake in £35m from high street failures

Audit firms are set to make £35m in fees from last year’s string of high street administrations, new data has shown. 

Auditors charged a total of £34.6m for their management of 36 administrations in 2018, analysis by The Telegraph shows. 

The collapse of some of the high street’s biggest names in 2018 led to the loss of 70,000 jobs. 

The Telegraph’s data shows the “Big Four” accounting firms, KPMG, EY, PWC and Deloitte, accounted for £22.5m of last year’s total. This includes work on collapses including House of Fraser, which was the most expensive at £6.2m and handled by EY. 

In total 18 firms were appointed to handle the 36 administrations.

EY told The Telegraph: “The fees reflect the significant volume of work necessarily undertaken by specialist and large teams across multiple locations, whose experience lies in working to save jobs and recover funds for creditors. Working in a complex and fast-moving environment, our teams achieve substantial recoveries for creditors.”

KPMG, EY and PWC all declined to comment to The Telegraph

LK Bennett, Karen Millen and Coast, and Debenhams including those that have fallen into administration this year. 

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