PricewaterhouseCoopers has won a fixed fee contract of £4.8m to put a price on Bradford & Bingley, the troubled bank bailed out by the Government as the financial crisis ripped through the banking sector.

Valuation chief Peter Clokey and PwC’s financial services valuations division will be paid on an hourly basis for all work undertaken. The Treasury said it would also pay for any expenses incurred from 24 June until the date on which he issues his last assessment notice.

However PwC’s fee could top £4.8m if they have to fight legal battles, which the Treasury has made provision for in the contract.

This is the second valuation to be awarded to an accountancy firm after BDO Stoy Hayward won a £4.5m deal to value Northern Rock. The terms of the Northern Rock job have been challenged because it must be valued as if it was already in administration and not a going concern.