25 October 2011 - 7:23am | posted by | 0 comments

Sunday Times claims City PR firms can clock up fees of £10,000 a day in takeover deals

Sunday Times claims City PR firms can clock up fees of £10,000 a day in takeover dealsSunday Times claims City PR firms can clock up fees of £10,000 a day

The Sunday Times claims that City PR companies are being paid up to £10,000 a day for their involvement in company takeovers.

In its Prufock business diary, the broadsheet points out: “We always suspected City PR companies were paid handsomely – and now we have the proof.

“The eye-watering fees have been revealed for the first time in paperwork for the takeover of Charter – the engineering group.”

The paper points out that the deal was the first under new Takeover Panel rules that demand all advisers’ fees be published.

“Brunswick, which spun for Charter, took home £1.1million for 111 days’ work.

“That’s £10,000 a day, the same as a top-flight Premier League footballer, in return for ...I’m not exactly sure, but no doubt there was a good explanation on Brunswick’s invoice.

“Citigate Dewe Rogerson, adviser to Colfax, the US buyer, received a miserly £300,000, though it wasn’t on the case for as long.

“Directors might be forgiven for thinking that the sums are small compared with other City professionals.

“Charter spent £29 million on fees in total – most of which went to the great vampire squid, Goldman Sachs.”

Be the first to comment on this article: sign in or register.

Latest Projects from the Profile Hub

Helping the South West’s leading shopping centre embrace digital

28/04/2015
Based on the outskirts of Bristol, The Mall at Cribbs...

Plan It Day. Do It Day

28/04/2015
Later this year some of the world's leading brands,...

Ski action shot

27/04/2015
An action picture from a photo shoot with Ski Basics in...

Lucozade Powerleague Playermatch: Keeping 5-a-sides alive

27/04/2015
Why With over 8 million visitors per year and over 7,500...

The Drum Election Podcast Features Cult LDN

24/04/2015
Our agency co-founder Cat Turner has a seat on The Drum's...