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

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.

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There could be further claims over the Scenic Railway
There could be further claims over the 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.”

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