Concern over Magna's "fragile" financial state

A copy of the PricewaterhouseCoopers review of the Templeborough tourist attractions was leaked to the BBC this week.

The report was ordered earlier this year as RMBC pondered whether to renew an annual £250,000 loan to the science centre.

The leaked paper, seen by the Advertiser, said: “The evidence from our review points to Magna being a fragile business that lacks financial resilience.

“Income from the visitor attraction is not sufficient on its own to cover costs, and there has been an increased reliance on corporate events to make up the income shortfall.

“Despite positive action to change the senior management team and cost-cutting measures, the business has made a deficit in the past few years.”

PwC said Magna’s balance sheet was weak and building maintenance liabilities could further impact on future budgets.

The report is expected to be published in the coming weeks and used by the council in deciding on future financial support.

Council leader Cllr Chris Read said: “We are currently considering future options and will bring forward recommendations in due course, but are not in a position to comment further at this stage.”

The authority has granted loans to Magna totalling more than £2.2 million since 2003.