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Dreamland: Cash injection granted as Margate theme park moves to focus on its heritage

Dreamland is in line for a major investment which could transform its fortunes.

Arrowgrass Master Fund, which has an existing loan agreement with Sands Heritage Limited - which runs Dreamland - has increased its investment to almost £10 million.

Documents published on the Companies House website reveal the loan facility has been extended to £9.915 million.

Chairman of the Dreamland Trust, Bernie Morgan
Chairman of the Dreamland Trust, Bernie Morgan

Bernie Morgan, chairman of the Dreamland Trust, confirmed she had been aware of an investment for "a few months".

Ms Morgan, who took up the voluntary position last August, said: "We knew something was about to happen and there would be further investment. The terms of it we are not sure of yet.

"Our vision is for Dreamland to remain a thriving heritage amusement park with further investments. That is something all parties are interested in."

It comes as the Scenic Railway was reopened on Saturday, December 17, after being out of action for almost six months.

Dreamland on Margate seafront
Dreamland on Margate seafront

Earlier, in December 2015, Dreamland's operators had accumulated £2.9 million of debt, less than six months after it opened.

In December 2015 Sands Heritage Limited called a creditors' meeting and laid out a voluntary arrangement (CVA), meaning it could continue to trade if creditors allowed it to pay debts over a fixed period.

That was agreed by the creditors.

But the move involving the Cayman Island-registered investors has not been welcomed by all.

Former Thanet councillor and blogger Ian Driver said the investment would mostly profit the offshore-based fund, rather than the community. 

He said: "Dreamland was acquired, restored and opened by the investment of at least £20million of public money with the aim of benefiting local people.

"This massive public investment is now helping to enrich people who are already incredibly wealthy, instead of helping to tacklepoverty and deprivation in Margate.

"There must be a public inquiry into this appalling situation” 

The park's administrators have been asked to comment on the latest investment.

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