London Resort Call In Administrators In Latest HUGE Blow For UK's Answer To Disneyland.
London Resort – hailed as the UK’s answer to Disneyland have been dealt yet another devastating blow as they are forced to call in the administrators.
Plans for the BRAND NEW studios-style park which was originally planned to open on the Swanscombe peninsular have sadly ground to halt.
The prestigious new 535 acre London Resort would have comprised of 2 gates (parks), 6 fully themed lands, a state of the art E-Sports Arena, a huge indoor water park, a shopping & leisure district (similar to City Walk at Universal Orlando) and a full range of accommodation options to name but a few exciting features.
Progress has however sadly reached stand still after London Resort announced racking up debts of up to £100 million during it’s ongoing battle to make the project come to fruition.
Although the park was first scheduled to open back in 2012, delay after delay has now pushed the projected opening back as far as 2024, and even that won’t happen now.
Other recent challenges faced by London Resort include the proposed site being designated an SSSI (Sit of Special Scientific Interest) by Natural England, the discovery of several rare species within the area (including the infamous jumping spider) & heavy objections from locals with the area too.
The creation of London Resort’s new freeport would have also meant relocating one of Tilbury’s ferry ports to Grays.
Following the withdrawal of plans by LRCH (London Resort Company Holdings) last year, it was reported that the company would rework the plans taking into account feedback and would resubmit them in late 2022.
This however never sadly happened and as a result things have been very quiet where news and progress on London Resort is confirmed.
This week however LRCH announced plans to enter a financial restructure through CVA (Company Voluntary Administration).
Upon announcing the news a representative of LRCH stated;
“LRCH has 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.”
Whilst the recent news is sad to hear it comes as no real surprise given how long London Resort has been stuck ‘in development’.
London Resort have also stated they plan to submit new plans for the resort later this year meaning that the project as a whole is still very much ongoing.
What are your thoughts on the most recent news coming out of London Resort? Do you think it will still proceed? Or do you think plans are very much dead in the water at this stage?
We’d love to hear your thoughts and predictions in the comments below.