All we know as firm behind £3.5bn ‘UK Disneyland' near Essex goes into administration
Bosses of a £3.5billion major new theme park near Thurrock have racked up debts of £100million.
The London Resort Company has entered administration after reportedly building 50 rides and attractions at the location, including eight huge roller coasters and zones containing medieval castles and an Aztec pyramid, along with a theatre and a nightclub.
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The London Resort Company had plans to build the London Resort on the Swanscombe Peninsula near Dartford as the first park in Europe since the launch of Disneyland Paris in 1992.
However, the land was declared a Site of Special Scientific Interest after rare species were discovered there.
A new set of proposals will reportedly be submitted in 2023. Over 3,500 hotel rooms had also been planned alongside two ferry terminals, a waterpark, conference and convention centre and e-sports facility.
It will now enter a financial restructure through a Company Voluntary Administration (CVA).
A spokesman for LRCH told Kent Online: “LRCH has taken the logical and sensible step of launching the CVA proposal.
“We've spoken to many of our creditors who are very happy to support the initiative which would see their debts converted into shares.
“Many millions have been invested into the Swanscombe Peninsula over the last decade and there remains a fantastic opportunity to bring forward exciting proposals.
“This CVA process safeguards everyone's position and provides an opportunity for a financial return to creditors in the long-term.”
LRCH has still confirmed that the theme park is running, with new proposals for the site to be submitted for later this year.
It is hoped the resort - which will be 135 times the size of Wembley stadium - will be one of the UK's largest single site employers, and could contribute up to £50bn to the economy.
In April 2021, Basildon Council, which was consulted on the plans, called for “realism” over what the project will and won’t achieve.
Bosses say they are unsure if the demand is there for such a large theme park.
They have also noted that 10,000 of the proposed 17,300 new jobs created by the attraction would likely be part-time.