Member Article

£3m Dreamland debt deal approved

A deal to give the operator of Margate’s Dreamland theme park five years to repay nearly £3m of debt has been approved by creditors.

Sands Heritage avoided falling into administration after announcing it was seeking a company voluntary arrangement (CVA). The Margate attraction reopened in June with its Scenic Railway finally opening on 15 October.

Creditors voted to approve the proposed arrangement on Wednesday (23 December) allowing the theme park to remain open while the operator pays back a proportion of its £3m debt over the next five years.

In a statement, Sands Heritage said: “A 98% majority voted in favour of the proposed CVA. The CVA allows Sands Heritage Limited to pay back its debt in full, over the next five years.

“We would like to thank everyone for their faithful support in Dreamland’s first year and look forward to their continued custom and a successful 2016,”

Sir Roger Gale, MP for North Thanet said: “Thanet District Council has let down the operators by not providing the Scenic Railway on time, by not providing the rides that were promised, so they had to be hired in, by adding costs - which is why I believe that Sands Heritage found themselves in the unfortunate position they were in.”

This was posted in Bdaily's Members' News section by Ellen Forster .