BusinessBusiness RecoveryKPMG to liquidate Dome

KPMG to liquidate Dome

KPMG will become the liquidator of the New Millennium Experience Company, owner of the ill-fated Millennium Dome, once the company's final accounts are released in December.

It is believed that the accounts will show a significant repayment of lottery funding and creditors will be paid in full. Richard Heis and Steve Treharne from KPMG are standing by to handle the liquidation, bringing to a close one of the most embarrassing episodes for the Labour government, although there is still no news on the disposal of the Millennium Dome itself.

A spokesman for the NMEC said: ‘It was always the intention to pass control of the company to liquidators before the end of December’. Back in July the NMEC said it expected to be able to give back £19.5m of lottery funds, and the spokesman said the situation had since improved.

KPMG is one of the few large accountancy firms not to have any conflicts of interest at the Dome; Ernst & Young is NMEC’s auditor, PricewaterhouseCoopers authored a damning report commissioned by David James, the company doctor drafted in to rescue the attraction, while Deloitte & Touche reviewed the original over-optimistic visitor predictions for the Millennium Dome – though the final total fell some 1.5 million visitors short of Deloittes’ own worst case scenario of eight million visitors.

KPMG declined to comment on the appointment.

Links

Minister admits to Dome solvency error

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