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Row breaks out over BHS administration fees

A row has erupted between BHS’s biggest creditor and one of the department store chain’s administrators, it has been reported.

BHS on Oxford Street closed

BHS on Oxford Street closed

BHS on Oxford Street closed

The Pension Protection Fund (PPF) has vetoed an invoice for £4.1m submitted by joint administrator Duff & Phelps, according to The Sunday Times.

Duff & Phelps said that its fees for seven months’ work came to £4.1m — higher than its original estimate of £3.5m for 12 months. It is understood the PPF voted against the invoice at a creditors’ meeting on 15 November.

It has also emerged that lawyers for Sir Philip Green’s retail group Arcadia have returned a disputed £35m floating charge taken from BHS. 

The sum was transferred by Duff & Phelps to Arcadia’s lawyers, Linklaters, on 27 October. The money was being held by Linklaters and could not have been released to Arcadia without Duff & Phelps’ consent, Sky News reported.

Linklaters returned the money last month after Jones Day, the lawyer acting for fellow administrator FRP, contested the validity of the charge. The funds will now sit with FRP.

BHS, now known as SHB Realisations, was officially placed into liquidation last week.

A source told the Mail on Sunday a court case could be looming over the retailer’s pension deficit.

 

 

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