The company behind ambitious plans to develop a £2.5bn theme park on the Swanscombe Peninsula near Dartford, has called in the administrators.
London Resort Company Holdings’ (LRCH) plans for the London Resort project have been blighted with issues and delays and the company has built up debts of £100m.
It is seeking a financial restructuring through a company voluntary administration (CVA) and according to a source close to the company it looked as if the company would get the required 75% approval of the CVA and “will then move on with new finance, so actually it’s quite positive news”.
Late last year, LRCH confirmed that the original plans for the theme park, which has been dubbed the ‘UK’s answer to Disneyland’, would be significantly downsized.
It was also announced late last year that the project’s boss, PY Gerbeau, who oversaw the delivery of the Millennium Dome, had left the company following a board reshuffle and withdrawal of a development consent order (DCO) application.
