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PwC Keydata bill hits £7.6m

PricewaterhouseCoopers has added another £1m to its bill for its administration of Keydata, taking its total fees to £7.6m since the firm went bust in June 2009.

In a progress report to creditors covering the six months to December 7, PwC says it racked up 2,357 hours of Keydata work during the period at a cost of £930,065.

Included in the breakdown are 1,070 hours of “trading supervision” and 624 hours of “strategy and planning”.

Costs of £117,408, for work carried out in late 2009 relating to the “assessment of various litigation options available to the company against third parties” were also added in the period.

However, PwC has only taken fees of £1.74m over the course of the administration to ensure that enough capital remains at Keydata’s Reading office to allow it to continue to operate.

The report states that PwC expects to be paid “in part” from third-party funding from Credit Suisse and other banks rather than Keydata’s investors.

In September, Keydata founder Stewart Ford accused PwC and the FSA of blocking attempts to save the firm to serve their own ends, claims both organisations deny.

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. Does anyone else make that just under £400 per hour?

  2. Yep ~ £394.60/hr. That’s almost 295 solid eight hour days. Nice work if you can get it.

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