(Bloomberg) --

Grant Thornton Ltd. has told creditors of Greensill Capital it expects to charge almost 21 million pounds ($28.9 million) in its first year as administrator of the collapsed lender’s U.K. operations, the Financial Times reported. 

The fee estimate, contained in a filing at Companies House this week, has risen by almost a third from a previous forecast and represents close to 5% of the accountant’s entire U.K. annual revenues, the FT reported. 

The estimate includes 12.1 million pounds in fees for more than 22,000 hours of work in the first six months of the administration, or an average of 545 pounds per hour, according to the newspaper. 

Grant Thornton, which was appointed in March as Greensill’s administrator, said it also expected to rack up almost 7 million pounds in other expenses, including 6 million pounds in legal fees, the paper said. 

The Financial Reporting Council, U.K.’s accounting watchdog, has recently fined Grant Thornton 2.3 million pounds for its role in the alleged accounting fraud at the Patisserie Valerie bakery chain.  

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