KPMG was ‘highly commended’ in the ‘Supplier of the Year’ category at last Thursday’s London Transport Awards Ceremony which took place at the Park Plaza Riverbank. The awards dinner was attended by transport ministers, CEOs and directors from all the major UK transport groups. KPMG was the only accounting and advisory firm to make the shortlist.
KPMG was commended by the judges for its ‘innovative advice’ given to transport clients across London, which has enabled them to take bold steps in planning and financing improvements to London’s transport network.
Dr. Ashley Steel, KPMG’s Global Chair for Transport comments: “In the last three years, KPMG’s Transport Advisory team has supported transport organisations across London on a number of wide-ranging projects. We are delighted to receive this recognition and will continue to do all we can to help our clients in the transport sector which reflects the hard work of all our staff dedicated to the sector.”
KPMG has worked with TfL, the boroughs of Lambeth and Wandsworth and private developers on a funding package for a two-stop extension of the Northern line. This will serve around 17,000 new homes and 600,000m2 of commercial development planned in Vauxhall, Nine Elms and Battersea. No traditional central or local government funding is to be provided and Section 106 and Community Infrastructure Levy developer contributions are sufficient only to part-fund the extension. KPMG worked with the parties to develop a funding structure supported by detailed capital, financing and income assumptions. The solution will close the funding gap by borrowing against future incremental business rate income from the commercial developments proposed in the area. This private sector-based funding and financing approach is believed to be the first of its kind.
In a separate project the mayor wanted to understand the reasons for an increase in subsidy over time in the London bus network and asked for an independent review of its value for money. KPMG’s bus specialists conducted the review and identified savings and process improvements in a number of areas.
Katrin Boettger, Senior PR Manager
Tel: +44 207 896 4232 / 0782 4475168
KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with over 12,000 partners and staff. The UK firm recorded a turnover of £1.8 billion in the year ended September 2012. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. We operate in 156 countries and have 152,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. KPMG International provides no client services.