MyTravel accounts scrutinised by PwC
Troubled tour operator MyTravel has hired PricewaterhouseCoopers to review its finances as part of a deal struck with banks to establish a £250m credit facility.
Despite MyTravel having Deloitte & Touche as its auditors, the banks insisted on the additional appointment of PwC in order to verify the company’s short-term cash position and long-term viability.
MyTravels current credit facility runs out in March of next year and without the review, and a positive outcome, it is unlikely to get another one leaving the future of the business in doubt.
The review should establish whether any more black holes are likely to be found in MyTravel’s accounts after it revealed a few weeks ago that accounting irregularities could mean a profit shortfall of £50m. MyTravel is due to release its preliminary results on 26 November.