Developers behind £2.5b Kent theme park call in administrators
Developers behind plans to build a £2.5b Disneyland-style theme park in Kent have called in administrators after running up debts.
London Resort Company Holdings (LRCH) has appointed Antony Batty & Company to restructure its finances through a Company Voluntary Arrangement (CVA).
Plans to build a 535-acre resort on the Swanscombe Peninsula near Dartford have been in the works since 2011 and at one point had the backing of Hollywood studio Paramount.
The project was originally expected to open by 2018 as one of the biggest themed entertainment resorts in Europe with a water park, theme park, cinema, theatre, hotels, restaurants, and retail outlets.
Hospitality operators including Radisson Hotel Group and IHG Hotels & Resorts have been linked with the resort.
However, LRCH had its plans thrown into chaos when the development area was designated as a site of special scientific interest in March 2021 due to the discovery of rare insects including a jumping spider.
Kent Online reports that the development had built up £100m in debt and LRCH is working to submit new plans for the site later this year.
A spokesperson for 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.
"This CVA process safeguards everyone's position and provides an opportunity for a financial return to creditors in the long-term."