Administrators make millions from Debenhams’ demise
Debenhams‘ administrators have made millions in fees since the department store went under in 2020.
According to reports from The Times, FRP Advisory has made more than £7.2m in fees since Debenhams filed for insolvency
The administrators managed the sale of the store’s brand and website to Boohoo for £55m in January 2021, and documents reveal that FRP Advisory received an additional £1.9m in remuneration between April and October this year due to increased staff rates.
FRP Advisory declined to comment on the reports.
Debenhams first filed for administration in 2019, which was controlled by a consortium of hedge funds, led by Silver Point Capital, Alcentra and GoldenTree.
The news comes as retail giants like Made.com face a similar fate, whilst Joules announcing plans to appoint its own administrators this morning.