Moore Stephens liquidators appointed to London Olympics organisers

LIQUIDATORS from Moore Stephens have been appointed to the London Organising Committee for the Olympic and Paralympic Games (LOCOG).

Philip Sykes and Jeremy Willmont, partners at Moore Stephens, were appointed joint liquidators to the organisation when it was placed into a solvent liquidation.

During LOCOG’s eight-year life it achieved revenues of £2.41bn – from the private sector – while accruing costs of £2.38bn. Preparations for the liquidation process began nearly three years ago.

LOCOG will make payments of £5.3m to the British Olympic Association, and £2.6m to the British Paralympic Association to honour its contractual obligations, according to its final reports and accounts for the six months ending 31 March.

The organisation’s CFO, Neil Wood, said: “Over the past six months the small team of people that remain within the company having been working to meet the necessary steps in the dissolution process.

“This has included closing out thousands of contracts and selling off or, where possible, gifting thousands of assets to other organisations such as schools, charities, sports and community clubs. It is thanks to this hard work that we have been able to deliver such positive results.”

Wood has been seconded from Deloitte for the past ten years and has now rejoined the firm.

LOCOG will pay about £20m to the Department for Culture, Media and Sport to fulfill commitments under certain government grant agreements, such as the grant to cover rental costs of the athlete village after it passed into public ownership.

As part of a deal with the National Lottery, royalties of £1.3m were received but went unused and will now be donated to the Games Legacy projects. About £1m is going to the charity Inspiration and £300,000 going to the Join In Trust. LOCOG has also donated about £7.4m to UK Sport.