KPMG to be paid £16 million for Intu administration work
Administrators KPMG is set to be paid £16 million for its work on the administration of Intu Properties, owners of the Merry Hill shopping centre.
The figure was revealed in a report to creditors.
It also revealed that employees at the collapsed shopping centres group should be paid all their wage arrears up to £800 each.
The joint administrators said they expected unsecured creditors would get a dividend but could not give any indication of how much.
KPMG's fees include disentangling the business, which has different owners of the various parts.
The Trafford Centre in Manchester has been put up for sale but plans for the other centres including Merry Hill have yet to be disclosed.
Intu Properties was the stock market quoted holding company of the real estate investment trust that owned, or co-owned, the 17 Intu UK shopping centres. Each was held in a separate subsidiary property company with their own lenders and investors.
KPMG says that the group, which employs 2,400 staff, consisted of more than 200 different entities.
Tough trading conditions and huge debts triggered Intu's collapse after an effort to raise funds from banks failed.
Overall costs of the administration will come to £100m, £89m of which would be borne around the group companies, with the other £11m paid out of the plc's funds.
