David Marks Julia Barfield stands to earn a bumper windfall of one-third of the profits from the £20 million British Airways London Eye once initial loans have been paid off.
In the short term, revenue from the sales of tickets - priced at £7.45 for adults and £4.95 for children - will go to pay off loans from two private banks. Next to be paid off will be loans from British Airways and Tussauds. But once these have been repaid all profits will be kept by the London Eye Company, formerly the Millennium Wheel Company. Julia Barfield and David Marks are directors of the company, with two representatives from British Airways and two from Tussauds completing the board. Profits will be split three ways. The London Eye is expected to attract 2.2 million visitors next year - representing a minimum £10.9 million from ticket sales - and has planning permission for the next five years.
Farrell slams government over MI6 budget inquiry
Terry Farrell & Partners has hit back at an official report which said that costs rocketed for the MI6 building the practice designed and fitted out, claiming that it came in under budget.
Farrell said the 1992 block by the River Thames, which is 'blown up' in the latest James Bond film, was probably a victim of too-hasty estimates from its paymasters. The report by the Intelligence and Security Committee highlighted National Audit Office findings that the development and fitting out costs rose from £22 million in 1987 to a final sum of £81 million.
The report also criticised refurbishment costs of Thames House, the MI5 headquarters at Millbank, which shot up from £60 million to £227 million. The committee, chaired by former Tory defence secretary Tom King, said it expected better principles to be used in the £300 million GCHQ building in Cheltenham by Gensler. See page 18.