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Dateline: 14th October, 2007
WMC Insolvency Danger The Wales Millennium Centre in Cardiff is in danger of insolvency. Auditors KMPG said in their annual audit of the Centre's accounts that there may be "significant doubt about the group's ability to continue as a going concern" if an accomodation cannot be achieved with the Wales Assembly Government about its £13.5m debt, which is guaranteed by WAG until December. The auditors also point out that it is expected to incur further losses in the coming years. On Thursday BBC Wales's Dragon's Eye programme said it had obtained an unpublished review, commissioned by former culture minister Alun Pugh, which said the debt could not be repaid by the WMC and should be removed and in a statement the Centre said that it has been in talks with the WAG for some time "regarding its overall funding position". WMC chairman Lord Rowe-Beddoe is to meet culture minister Rhodri Glyn Thomas on Monday and the centre hopes that the assembly government will write off the £13.5m loan and increase its subsidy to between £3m and £4m a year. A statement from the management of the Centre, which was opened in November 2004, said, "The centre's board and management would like to reassure all its customers, suppliers and supporters that this won't affect existing and future commitments and it is business as usual."
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