UK hotels and restaurants looking forward to steady cash inflows from advance bookings for the 2012 London Olympics could be disappointed under a new delayed payment structure being employed by PwC.
The accountancy firm’s legal arm has established an escrow system for a handful of European Olympic committees who have signed contracts for hotel rooms or dining venues at the games.
Under the system, the PwC clients deliver the agreed down-payments into accounts administered by the firm. The venues can see the money is there, but have no access to it.
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