PracticeConsultingMillennium Dome FD tipped to resign

Millennium Dome FD tipped to resign

Millennium Dome FD Neil Spence has been tipped to resign after a major management shake-up of the New Millennium Experience Company following revelations of a 'black hole' in the Dome's books, Accountancy Age reported today.

The 47-year-old chartered accountant was last week stripped of financial control over the NMEC after high-profile City troubleshooter David James was called in to sort out mounting financial chaos in Greenwich.

Spence was appointed FD at NMEC in 1998 after he built a strong reputation working with government as FD and joint chief executive of the London Docklands Development Corporation.

A PricewaterhouseCoopers report last week revealed that Spence and the NMEC board has not kept proper records of the 2,800 contracts involved in the £758m project whose cost is now estimated at £830m.

James, who has built a reputation as a ‘company doctor’ specialising in business recovery, last week replaced David Quarmby as executive chairman at the Dome and has also taken over as chief accounting officer assuming full control of financial affairs.

Accountant John Darlington has been appointed chief executive of NMEC’s legacy group, and will take over responsibility for all aspects of the sale and break-up of the Dome’s assets.

Although Spence remains on the NMEC board and retains his title, he has effectively been sidelined as FD by the management shake-up.

Nomura pulls out of Dome bid

Dome saviour blasts NMEC board

PwC report slams troubled Dome

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