English Partnerships' transaction costs increased

2.19  The total cost of the second sale process was just over £7.87 million, mainly on specialist advisers (See Figure 12), compared to a baseline estimate set in March 2001 of some £5 million, prior to the commencement of the sale. English Partnerships found it difficult to establish an accurate budget because there were many unknown factors, such as the number of bidders that would take part, and the nature and scope of the bids, as well as the length of time that it would take to complete the process. However, the budget was kept under continuous review and subsequently increased as necessary.