Deloitte pockets £8.3m for Comet insolvency

Deloitte, administrators to collapsed electrical retailer Comet, pocketed over £8m in fees from the High Street giant's collapse.

The Big Four firm has confirmed from early November 2012 to the end of February this year, it made £8.3m from Comet's demise that saw 6,500 lose their jobs and 235 stores close just days before Christmas.

Deloitte's hourly administration charges were £875-£950 for partners or directors, £385-£715 for managers, and £155-£290 for assistants and support staff.

Mileage costs racked up an additional £22,973, while other fees, such as those paid to two law firms and a retail consultancy add up to £15.2m.

A spokesman for Deloitte said: 'The figures reflect the accepted rate for a complex administration.'

Deloitte is set to publish the full report into the administration of Comet - a feature of the British High Street for 79-years - later this month.

In December, the Department for Business, Innovation and Skills (BIS) announced it was set to launch a probe into the acquisition and administration of the doomed electrical retailer.

The move was made after the British taxpayer had to pick up the £49.4m bill in redundancy payments and lost taxes.

Also in December, Deloitte announced that all unsecured creditors, which included HMRC, various landlords and ITV, would receive less than 1% of their outstanding money owed to them.

A staggering £233m is owed to unsecured debtors, with HMRC accounting for £26.2m in unpaid taxes.

Comet was controversially bought for just £2 by OpCapita investment vehicle, Hailey Acquisitions, in November 2011. It was then bought from the Anglo-French group Kesa last year.

The Big Four firm estimates Comet's losses to be in excess of £300m. But Hailey Acquisitions is widely tipped to have received a payment of just under £50m as a secured creditor - a £95m shortfall on the sum owed.

An earlier Deloitte report shows that the secured creditors - led by HAL - will receive £49.7m from funds raised by the sale of Comet's stock and assets.

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