SFI administration costs £37k a week
The administration process at former Slug & Lettuce operator SFI Group has been costing just over £37,000 a week, creditors have been told.
Accountancy firm PricewaterhouseCoopers (PwC) has charged a total of £1.48m in the 11 months after the company went into administration in June 2005.
The company was placed in administration after Robert Tchenquiz's Laurel Pub Company bought its 98 best sites for £80m.
Creditors have been told that just 11 other sites have been sold to other buyers with another 11 sites still waiting to be assigned - 27 leases were surrendered.
The administration period has been extended by another 12 months until June 2007 to allow PwC to assign the last 11 leases.
The extension will also allow PwC to continue to pursue legal action against SFI's former auditor Horwath Clark Whitehall.
Any hope for ordinary SFI shareholders in recovering their investments in SFI rests on success in the legal action.
A spokesman for PwC told creditors: "I am unable to add anything to my last report regarding the success or the quantum of any recoveries.
"However, I can definitely confirm that the claim continues to be pursued. It is not possible to determine the outcome to ordinary unsecured creditors since this depends on the outcome of the claim against Horwath Clark Whitehall."
Creditors were also told that the sale of businesses not acquired by Laurel has so far raised £238,000 raised from fixtures and fittings.
The SFI Group companies have a pot of £3.7m left in the bank.
