Plans for a huge new theme park which would have rivalled Disneyland have been brought to an abrupt halt.
The company behind The London Resort has reportedly run up debts of £100million in a project with a £2.5billion price tag.
The firm was formed 12 years ago to build a world-class resort on the Swanscombe Peninsula near Dartford, which is not far from London.
At one point, the project even had the backing of Hollywood studios Paramount. The site was set to be double the size of Britain's largest theme park Alton Towers.
Various concept imagery had already been released including plans for a dinosaur themed land and rollercoaster, as well as eight rollercoasters in themed lands. The project had also signed deals with Paramount Pictures - who are behind iconic franchises such as Mission Impossible or the Godfather trilogy - as well as the BBC and ITV Studios.
Since 2017 the plans have been hit with a series of obstacles, including Paramount pulling out of the deal six years ago, before the BBC and ITV followed suit in 2022.
This included Natural England’s decision to designate the land as a Site of Special Scientific Interest after a number of rare species were found in the area, in a hurdle for the project.
Gareth Johnson, MP for Dartford, told the Sun that he believed the plans would not go anywhere. "I now consider the scheme to be dead in the water," he said.
"In my eyes the SSSI registration has ended the possibility of a theme park. I now see this site's future as a nature reserve. The development company has consistently failed to engage with the community on this matter."
Last month the London Resort Company (LRCH), which has been hoping to develop the site, appointed Antony Batty & Company to restructure its finances, the Telegraph reported.
Now the project is reportedly close to collapsing due to repeated delays, in part as a result of environmental concerns and local opposition.
When asked about administration reports, a spokesperson for LCRH previously told the Mirror: "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."
LRCH has said that the project is still ongoing and that new proposals for the development will be submitted later this year.
