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.
Mark McMullen joins the private client services team from Smith & Williamson
Merger between Clear & Lane Chartered Accountants and Magma Chartered Accountants was finalised on 3 February
BDO has taken its new partner intake to 23 during the first half of its financial year, including the appointment of five partners in five weeks
The firm reports 7.6% global fee income growth for the year ending 31 December 2016