The company behind plans to build a theme park twice the size of Alton Towers has called in administrators. The London Resort Company was formed 12 years ago to build 'UK's answer to Disneyland'.
At one point, the project even had the backing of Hollywood studio Paramount. The £2.5billion project was set to see the theme park built on the Swanscombe Peninsula near Dartford, Kent.
The park was initially called Paramount London and was scheduled to open by 2018, with the date later pushed back to 2025. But the project is now thought to be close to collapse due to repeated delays resulting from environmental concerns and local opposition, Kent Live reports.
The firm has appointed Antony Batty & Company to restructure its finances, describing the move as a "logical and sensible step". The administrators have been called in to oversee a Company Voluntary Arrangement (CVA), a process in which insolvent companies can renegotiate their debts.
A spokesman for The London Resort Company Holdings (LRCH) said: “LRCH have 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."
It was said the park would bring 27,000 jobs to the area and attract up to 15 million visitors. The Telegraph reported that it would be double the size of Alton Towers.
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Developers had hoped to install some of the fastest rides in Europe inspired by Paramount films along with an indoor water park, theatres and a sports arena. The agreement with Paramount broke down in 2017 and both the BBC and ITV withdrew last year.
