Deloitte makes £500,000 from Tenon administration
Deloitte administrators have charged more than £500,000 for their work on the pre-packaged sale of RSM Tenon, the listed accounting firm which collapsed last year and was sold to Baker Tilly.
Deloitte administrators have made around £588,000 so far from Tenon's administration last August, according to the firm’s six-month progress report, dated 19 March.
This includes £378,186 for 681 of hours at an average charge out rate of £556 across all grades of staff.
The joint administrators - Matthew David Smith, Nicholas Guy Edwards and Clare Boardman - have charged £210,596, based on 399 of hours at an average of £528 across all grades of staff.
When RSM was sold to Baker Tilly in August 2013, the administrators said that among the creditors, only Lloyds bank had any chance of getting money owed by Tenon. Unsecured creditors were owed about £7m.
In July 2013, Baker Tilly made an unsolicited takeover approach but did not make a final offer.
Tenon went into administration after its bank refused to give it more credit when it was...