Olswang advised Retail Acquisitions Limited on its purchase of BHS from Sir Philip Green for £1 and Frank Field MP, chair of the House of Commons Work and Pensions Committee, has requested that the firm disclose details of the fees it was paid for its work on the sale by today.
Querying due diligence
Following last week’s evidence session, Mr Field has written to Olswang GC Stephen Hermer querying what due diligence process the firm used to establish the ‘ultimate source’ of any fees it is paid. He has also requested to know how much the firm charged for its services and how much of these fees were contingent on the successful completion of the sale.
Mr Field said the hearings had so far prompted ‘more questions than answers’.
Source: The Law Society Gazette
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