Time to Pay the Piper
Notification for the new management fees arrived today. Actually it arrived yesterday, but I avoided opening it until today as I was in a good mood. I wanted to stay that way.
As expected the letter was a poke in the eye. The old management fee was £57, 000 based on 12.5 percent of services provided.
The new management fee will be £239, 730.This equates to a management overhead of over 52 percent, a truly remarkable figure.
No information is given on how the figures have been arrived at. Just a breakdown of where costs have occurred.
The letter seems full of spin.
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