Carillion liquidators earned up to £1,156 per hour
Senior employees at Carillion's liquidator PwC earned an average hourly rate of up to £1,156 for their services, it has emerged.
A letter from PwC to the joint chairs of the Carillion Joint Inquiry, the MPs Rachel Reeves and Frank Field, has been published confirming that the company charged a total of £20.4m for the first eight weeks of Carillion's liquidation.
The company said it represented 57,500 hours of work at a rate of £356 per hour and that it discussed its costs weekly with the Official Receiver.
Breaking down its rates (all of which were shown net of a discount negotiated with the Official Receiver), the average hourly rate that PwC employees charged ranged from £63 for client account support staff, up to £260 for a senior associate, £406 for a senior manager and £648 for a partner.
Of the 57,500 hours' work by the firm, 13,656 of those hours were charged by specialist staff "who have been required to assist PwC's restructuring staff due to the complexities of the work involved".
Work by those specialists cost nearly £5.4m at an average rate of £393 per hour. The highest charge-out rates were by the firm's pension specialists. The highest charge-out rate for an associate was £162 per hour, £412 for a senior associate, £816 for a senior manager and £1,156 for a partner.
PwC has been contacted for comment.