Crazy
How does a system that keeps track of a measly 300k records blow £347 million. I can't even make some structure up that would cost that much, no amount of staff, no number of developers or managers that sounds even vaguely credible!
Surely a well controlled focussed project for an entirely new product 100 developers full time for 2 year on 40k each and some back office and project management and testers etc and I'm still only up to 15 million max.