PracticeConsultingPwC report slams troubled Dome

PwC report slams troubled Dome

A report prepared by PricewaterhouseCoopers has found the company operating the Millennium Dome has failed to set aside enough funds to cover the closure of the doomed attraction.

Bosses at the New Millennium Experience Company recently secured an additional £47m in funding to stave off bankruptcy.

But the independent review conducted by the Big Five firm was yesterday cited by Dome regulator the Millennium Commission for showing the true nature of the financial position.

The commission said PwC had confirmed its concerns of serious weaknesses in the NMEC’s financial controls.

PwC’s discovery was quickly followed by the appointment of a new executive chairman for Dome operators the New Millennium Experience Company.

Non-executive chairman David Quarmby will be replaced by company doctor David James, who has been described as an expert in rescue situations.

James said yesterday that he had agreed to work for nothing because saving the Dome would be an equivalent task to climbing Mt Everest.

In a survey conducted last month by Accountancy Age in conjunction with Reed Accountancy Personnel, six out of ten FDs called for the Dome to be closed because of its financial difficulties.

The Millennium Commission, however, chose yesterday to rule out any early closure claiming that it would cost more than keeping the attraction open.

Links

Exclusive: FDs say Dome should close

Dome: Closer inspection
When Nomura agreed to buy the Millennium Dome for just £105m a couple of weeks ago, questions were asked about the inexpensive price tag. But many may have seen it as the act that put the beleaguered New Millennium Experience Company out of its corporate misery.

Dome faces finance probe
National Audit Office to investigate multimillion pound grants

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