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Margate's Dreamland park 'attracting too few visitors' | Margate's Dreamland park 'attracting too few visitors' |
(about 4 hours later) | |
Failure to attract enough visitors forced Margate's Dreamland amusement park to call in administrators, the local council leader says. | Failure to attract enough visitors forced Margate's Dreamland amusement park to call in administrators, the local council leader says. |
The park reopened in a blaze of publicity in 2015 after an £18m restoration but operator Sands Heritage went into administration on Friday. | The park reopened in a blaze of publicity in 2015 after an £18m restoration but operator Sands Heritage went into administration on Friday. |
Thanet council leader Chris Wells said they had failed to produce the volume of people they had hoped for. | Thanet council leader Chris Wells said they had failed to produce the volume of people they had hoped for. |
Administrator Duff and Phelps said it was looking for a new operator. | Administrator Duff and Phelps said it was looking for a new operator. |
It said Dreamland would remain open and continue to operate as normal. | It said Dreamland would remain open and continue to operate as normal. |
Council investment | Council investment |
"They just have not produced the volume of people coming through that they would have hoped and predicted," said the council leader. | "They just have not produced the volume of people coming through that they would have hoped and predicted," said the council leader. |
"The operators have, in effect, told us that they are not creating enough cash flow." | "The operators have, in effect, told us that they are not creating enough cash flow." |
Despite the setback, Mr Wells said administrators were "very confident" Dreamland had a future as an ongoing business. | Despite the setback, Mr Wells said administrators were "very confident" Dreamland had a future as an ongoing business. |
Sands avoided administration in December under a company voluntary arrangement (CVA), which gave it five years to repay nearly £3m of debts. | Sands avoided administration in December under a company voluntary arrangement (CVA), which gave it five years to repay nearly £3m of debts. |
The council, which is owed £50,000, is among the creditors. It has also invested another £900,000 in the site, for which it is the leaseholder. | |
Duff and Phelps was also the administrator for Fantasy Island in Skegness, which went into administration in 2014 and was earlier this year sold to Leisure company the Mellors Group - which also owns a theme park in Dubai. | Duff and Phelps was also the administrator for Fantasy Island in Skegness, which went into administration in 2014 and was earlier this year sold to Leisure company the Mellors Group - which also owns a theme park in Dubai. |
Mr Wells said he hoped going into administration was "the beginning of the beginning" rather than the end for Dreamland. | Mr Wells said he hoped going into administration was "the beginning of the beginning" rather than the end for Dreamland. |
"The park has a very fine future and will continue to trade throughout this summer," he said. | "The park has a very fine future and will continue to trade throughout this summer," he said. |
But former Thanet councillor Ian Driver said he feared it might close. | But former Thanet councillor Ian Driver said he feared it might close. |
"It would be a tragedy to come back here in two months' time to find it boarded up and non-operational," he said. | "It would be a tragedy to come back here in two months' time to find it boarded up and non-operational," he said. |
"I think if the council doesn't get its finger out that's the situation we could easily be in." | "I think if the council doesn't get its finger out that's the situation we could easily be in." |
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