"Private Eye recently reported on the financial fall out from the collapse of Woolworths in late 2008, highlighting a major conflict of interest.
The Eye claim that when Woolies got into trouble, their chief executive Steve Johnson hatched a plan to prevent administration by selling the stores to a “turnaround specialist” company, Hilco. This plan was rejected by Woolworth’s banks’ advisor, Deloitte and the banks duly put Woolies into administration. The administrators who got the job of grinding Woolworths into the dirt? That would be Deloitte.
The recent publication of the Woolworths administration report shows that the banks were repaid everything they were owed in full and Deloitte’s three partners and their staff got £9.3 million for their hard work. Even poor Hilco got a piece of the tragic action, pocketing £8.44 million as advisors to the administrators.
Oh, but what of the thousands of staff who lost their jobs over the Christmas 2008? They received the bare legal minimum statutory redundancy pay, averaging a week’s wages per year of service. Ouch."