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.”