A private company controlled by Nick Leslau will collect at least £18.75m in fees for advising an Aim-listed vehicle in which the entrepreneur is a director.
Max Property – which is due to float on Aim within weeks – has signed a seven-and-a-half-year management agreement with Leslau’s private vehicle Prestbury Investments.
According to the admission document, Prestbury Investments will collect 'an annual fee equivalent to 1.75% per annum of the average net asset value of the group.. . subject to a minimum fee of at least £625,000 a quarter'.
Any payment over £625,000 will be split with Och-Ziff, the hedge fund that is backing the flotation.