Benjamin Wiles and Paul Williams, managing directors of Duff & Phelps, the premier global valuation and corporate finance advisor, have been appointed Joint Administrators of Sands Heritage Ltd, trading as Dreamland.
Dreamland in Margate is one of the UK’s oldest amusement parks dating back to the 1860s. Comprised of 16 acres, the site underwent restoration in 2014 to return the amusement park to public use.
Dreamland remains open and the park will continue to operate as normal whilst the Joint Administrators work alongside the existing management team to conduct an operational turnaround. The Joint Administrators will evaluate the prospects of the business before engaging with any parties interested in its acquisition, although registrations of interest are welcome.
Benjamin Wiles said, “Using our experience in the successful management and turnaround of Fantasy Island in Skegness, our aim is to bring to fruition the vision of the business and ensure its financial stability going forward. With half term ahead it is very much business as usual, and with a full programme of high-profile events throughout the year, new rides and the opening of the Hall by The Sea in 2016, Dreamland is now in position to have an outstanding year.”
Nick Conington, Sands Heritage Ltd. Chairman, said, “Sands Heritage Ltd. would like to thank the management team for their unwavering commitment and hard work in the phenomenal development of Dreamland. Many people have worked tirelessly, despite truly challenging circumstances beyond their control, to make Dreamland one the UK’s most talked about visitor attractions. This new phase for the pleasure park will enable it to thrive and continue to bring more and more visitors to Margate, the essential ingredient to further enable regeneration."
Rob Kenyon, Thanet District Council, Director of Community Services, said, “Thanet Council is aware of the trading administration that Sand Heritages Ltd. has entered into on 27 May 2016. We are pleased that one of Thanet’s major tourist attractions will be open for business as usual throughout the summer. We will work closely with the management and the Joint Administrators to secure a positive and sustainable future for Dreamland to grow in 2016 and beyond and one that continues to entertain residents and visitors alike.
The council remains committed to the development of the site and the benefits that it will offer the district. We are looking forward to the imminent opening of the Hall by the Sea, and the exciting opportunities that the redevelopment of the Sunshine café will offer when it opens next year.”
Questions and Answers Relating to The Case:
What has happened to Dreamland?
On 27 May 2016 Benjamin Wiles and Paul Williams, Managing Directors of Duff & Phelps were appointed Joint Administrators of Sands Heritage Ltd, trading as Dreamland.
What is Dreamland?
Dreamland in Margate is one of the UK’s oldest amusement parks dating back to the 1860s. Comprising of 16-acres, the site underwent restoration in 2014 to return the amusement park to public use.
Has Dreamland closed?
Dreamland remains open and the park will continue to operate as normal whilst the Joint Administrators work alongside the exisiting management team to conduct an operational turnaround.
What will happen to Dreamland?
The Joint Administrators will evaluate the prospects of the business before engaging with any parties interested in its acquisition, although registrations of interest are welcome.
What will happen to staff at Dreamland?
Employees have retained their jobs as Dreamland remains open and continues to operate as normal.
What is Sands Heritage Ltd?
Sand Heritage is the name of the company which operates Dreamland. Sands Heritage Ltd. won the contract to operate Dreamland from Thanet Council in 2014. This is the official name of the company that has entered administration.
Who are Duff & Phelps, the joint administrators?
Duff & Phelps is the premier global valuation and corporate finance advisor with expertise in complex valuation, dispute and legal management consulting, M&A, restructuring, and compliance and regulatory consulting. Last year, the firm was involved in the successful administration of Fantasy Island, a theme park in Skegness. The park was underwent a financial turnaround before sale and continues to operate.
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