KPMG advised Mitchells & Butlers in its ill-fated hedging plan, it has
Newspapers reported this morning that Citigroup, JC Rathbone Associates and
KPMG had all advised on the deal, which saw the pub group lose £274m in a
hedging plan that was supposed to offset the risks of a property deal, which
Finance director Karim Naffah has lost his job over the move.
One adviser was quoted in
Times this morning saying that it had played no part in ‘curious advice’ to
keep open the hedges in a ‘vacuum where there was no deal’. The paper also said
KPMG had been a debt adviser on the deal.
The hedges were kept open even after the property deal fell apart, with the
losses widening during the credit crunch.
A spokesman for KPMG refused to comment on what had happened this morning and
what kind of advice it had given, saying only that it had been an adviser to M
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