Published: 12:15, 29 May 2016
| Updated: 12:21, 29 May 2016
Administrators have been appointed at Dreamland but insist the Kent amusement park still has a bright future.
Duff & Phelps - which turned around Fantasy Island in Skegness - says it hopes to ensure the financial stability of the Margate attraction after it was brought in on Friday.
Dreamland’s operators – Sands Heritage Ltd - has entered trading administration but the park will continue to be open throughout the summer.
Duff and Phelps managing director Benjamin Wiles, a joint administrator, said: “Using our experience in the successful management and turnaround of Fantasy Island in Skegness, our aim is to bring to fruition the vision of the business and ensure its financial stability going forward.
“With half-term ahead it is very much business as usual, and with a full programme of high-profile events throughout the year, new rides and the opening of the Hall by The Sea in 2016, Dreamland is now in position to have an outstanding year.”
“With half-term ahead it is very much business as usual, and with a full programme of high-profile events throughout the year, new rides and the opening of the Hall by The Sea in 2016, Dreamland is now in position to have an outstanding year...." - joint administrator Benjamin Wiles
Mr Wiles and fellow managing director and joint administrator Paul Williams say they will work alongside the existing management team at Dreamland to conduct an “operational turnaround”.
They add they will evaluate the prospects of the business before “engaging with any parties interested in its acquisition”.
Sands Heritage entered into a voluntary debt plan last December when it was revealed the company had made a net loss of £5 million since opening on June 19.
On entering administration, its chairman, Nick Conington, said, “Sands Heritage Ltd. would like to thank the management team for their unwavering commitment and hard work in the phenomenal development of Dreamland.
“Many people have worked tirelessly, despite truly challenging circumstances beyond their control, to make Dreamland one the UK’s most talked about visitor attractions.
“This new phase for the pleasure park will enable it to thrive and continue to bring more and more visitors to Margate, the essential ingredient to further enable regeneration."
Rob Kenyon, Thanet District Council’s director of community services, added he was pleased one of its major tourist attractions would remain open throughout the summer.
He said: “We will work closely with the management and the joint administrators to secure a positive and sustainable future for Dreamland to grow in 2016 and beyond and one that continues to entertain residents and visitors alike.
“The council remains committed to the development of the site and the benefits that it will offer the district.
"We are looking forward to the imminent opening of the Hall by the Sea, and the exciting opportunities that the redevelopment of the Sunshine café will offer when it opens next year."