Home   Thanet   News   Article

Dreamland: Creditors' meeting hears of Margate venue's plans to pay off debts

By KentOnline reporter

Dreamland is to continue to trade - at least for the next few months.

A creditors' meeting this morning heard the Margate attraction - which owes creditors £2.9m - will stay open over the summer.

Administrators Duff and Phelps called the meeting, after the firm entered into a voluntary arrangement last December after going into serious debt.

Scroll down for video

Visitors try the ride at the Scenic Railway at Dreamland

Dreamland's Scenic Railway

It was agreed then that the company which runs the Margate attraction can continue to trade as long as it paid off what it owed over a fixed period.

Creditors were today believed to have been told the change to a free entry system in June this year was working well, with footfall increased.

But it was early days before it was known what the long-term future would be for the attraction, which re-opened on June 19 last year amid a huge fanfare.

VIDEO: The park will run as normal.

Creditors were thought to have been told there was not enough information yet available to decide whether the best option was to close or sell the attraction, but summer trading would help.

Administrators are not believed to be pursuing a sale at this time, but the next couple of months could be crucial in building up sensible financial forecasts.

There is 80s, beach and tropical-themed fun at Dreamland

There is 80s, beach and tropical-themed fun at Dreamland

A number of key events over the next few months could also help determine the beleaguered venue's future.

These include various festivals in September into October and Halloween activity.

It's not known what will happen to Dreamland in the winter months.

It is thought creditors will get paid, but not yet.

Benjamin Wiles, managing director of administrators Duff & Phelps said: “A meeting of creditors was held today, during which we confirmed that Dreamland will continue to trade.

“By doing so we are able to implement a plan to turnaround the business through investment in the site, enhancing the customer experience and developing an exciting programme of future events.

“It is our aim to maximise the return for creditors, and in our experience, these enhancements and investment will improve the prospects for a successful outcome for the business.”

Join the debate...
Comments |

Don't have an account? Please Register first!

The KM Group does not moderate comments. Please click here for our house rules.

People who post abusive comments about other users or those featured in articles will be banned.

Thank you. Your comment has been received and will appear on the site shortly.


Terms of Comments
We do not actively moderate, monitor or edit contributions to the reader comments but we may intervene and take such action as we think necessary, please click here for our house rules. If you have any concerns over the contents on our site, please either register those concerns using the report abuse button, contact us here, email multimediadesk@thekmgroup.co.uk or call 01634 227989.

Follow us

Like Us on Facebook

Most popular

Live updates

Close This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies.Learn More