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NEWS
London Resort Company grapples with CVA
POSTED 24 Mar 2023 . BY Tom Walker
The original £2bn plans were first announced in 2012 by a consortium which included US-based entertainment giant Paramount Pictures Credit: London Resort Company Holdings (LRCH)
London Resort Company Holdings Ltd has called in administrators with the view to pushing through a CVA
The company is behind longstanding plans to build a theme park resort in Swanscombe, Kent
The move casts doubt over the £2bn proposals
The plans were first announced in 2012 by a consortium which included US-based entertainment giant Paramount Pictures
London Resort Company Holdings (LRCH), the company behind plans to build a theme park resort in Swanscombe, Kent, has called in administrators with the aim of completing a CVA.

The company says it is aiming to agree terms with creditors in relation to its liabilities with a view to continuing with the development.

However, the move could be the final death knell to the £2bn proposals to build the huge attraction, once described as one of the most 'ambitious theme park projects in Europe'.

The original £2bn plans were first announced in 2012 by a consortium which included US-based entertainment giant Paramount Pictures.

In 2014, the project was categorised as being of 'national significance' and fast-tracked by the UK government, while plans were laid to improve transport links and Mission Impossible and Star Trek were slated as possible IPs for the development.

In 2015, Farrells was revealed as the masterplanner
for the development and a Chinese investor put in £100m, however, by 2016, the project had advanced – but had already hit some significant bumps.

Fenlon Dunphy, one of London Paramount’s prominent figureheads, walked away from the project, two months after the developer made public assurances that the theme park was on track.

As Paramount pulled out, the name of the proposed park was changed from London Paramount Entertainment Resort to "The London Resort".

A joint venture with construction company Keltbray followed.

In 2019, the project received new wind in its sails, as Paramount Pictures made a surprise move and entered into a new partnership with LRCH, re-engaging with the project to supply its IPs and a deal was also done with ITV Studios for the use of its IPs.

The announcement coincided with LRCH also appointing PY Gerbeau – credited with contributing to the development of Euro Disney in the late 90s and the Millenium Dome in London in 2000 – as CEO.

An opening date was then set for 2024, since then, however, the project has suffered a number of setbacks.

These have ranged from a critically endangered jumping spider being found on the site – leading to delays in the planning process – to complications relating to nearby Tilbury being classed as a Freeport.

Following these difficulties and delays, LRCH has entered the company voluntary arrangement (CVA), in order to renegotiate its debts, throwing the future of the project in doubt. A winding up order for compulsory strike-off was suspended on 24 February and discontinued on 7 March, indicating that positive progress may be underway.

Directors of the company are currently listed as Dherar Mohamed Saleh Al-Humaidi, Alan Crane, Robert MacNaughton, who was appointed on 27 January this year and Steven Norris. PY Gerbeau resigned from the board on 22 December 2022.
RELATED STORIES
  London Resort reveals first look at upcoming theme park


London Resort Holdings Company (LRCH), operator of the upcoming London Resort theme park and entertainment destination in Swanscombe, Kent, has released new concept artwork showcasing the first phase of the 535-acre resort.
  Paramount rejoins London Resort project as PY Gerbeau named new chief executive


Just over two years after pulling out of a deal to be the brand lead for a multi-billion pound theme park development in Kent, UK, Paramount Pictures has entered into a new partnership with London Resort Company Holdings (LRCH), re-engaging with the project to supply its iconic IPs.
  ITV Studios reaches IP deal with upcoming London Resort project


London Resort Company Holdings (LRCH) has teamed up with ITV Studios on its multi-billion pound theme park project, announcing a new partnership that will see ITV's world-famous content transformed into unique attractions at the resort when it opens in 2024.
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NEWS
London Resort Company grapples with CVA
POSTED 24 Mar 2023 . BY Tom Walker
The original £2bn plans were first announced in 2012 by a consortium which included US-based entertainment giant Paramount Pictures Credit: London Resort Company Holdings (LRCH)
London Resort Company Holdings Ltd has called in administrators with the view to pushing through a CVA
The company is behind longstanding plans to build a theme park resort in Swanscombe, Kent
The move casts doubt over the £2bn proposals
The plans were first announced in 2012 by a consortium which included US-based entertainment giant Paramount Pictures
London Resort Company Holdings (LRCH), the company behind plans to build a theme park resort in Swanscombe, Kent, has called in administrators with the aim of completing a CVA.

The company says it is aiming to agree terms with creditors in relation to its liabilities with a view to continuing with the development.

However, the move could be the final death knell to the £2bn proposals to build the huge attraction, once described as one of the most 'ambitious theme park projects in Europe'.

The original £2bn plans were first announced in 2012 by a consortium which included US-based entertainment giant Paramount Pictures.

In 2014, the project was categorised as being of 'national significance' and fast-tracked by the UK government, while plans were laid to improve transport links and Mission Impossible and Star Trek were slated as possible IPs for the development.

In 2015, Farrells was revealed as the masterplanner
for the development and a Chinese investor put in £100m, however, by 2016, the project had advanced – but had already hit some significant bumps.

Fenlon Dunphy, one of London Paramount’s prominent figureheads, walked away from the project, two months after the developer made public assurances that the theme park was on track.

As Paramount pulled out, the name of the proposed park was changed from London Paramount Entertainment Resort to "The London Resort".

A joint venture with construction company Keltbray followed.

In 2019, the project received new wind in its sails, as Paramount Pictures made a surprise move and entered into a new partnership with LRCH, re-engaging with the project to supply its IPs and a deal was also done with ITV Studios for the use of its IPs.

The announcement coincided with LRCH also appointing PY Gerbeau – credited with contributing to the development of Euro Disney in the late 90s and the Millenium Dome in London in 2000 – as CEO.

An opening date was then set for 2024, since then, however, the project has suffered a number of setbacks.

These have ranged from a critically endangered jumping spider being found on the site – leading to delays in the planning process – to complications relating to nearby Tilbury being classed as a Freeport.

Following these difficulties and delays, LRCH has entered the company voluntary arrangement (CVA), in order to renegotiate its debts, throwing the future of the project in doubt. A winding up order for compulsory strike-off was suspended on 24 February and discontinued on 7 March, indicating that positive progress may be underway.

Directors of the company are currently listed as Dherar Mohamed Saleh Al-Humaidi, Alan Crane, Robert MacNaughton, who was appointed on 27 January this year and Steven Norris. PY Gerbeau resigned from the board on 22 December 2022.
RELATED STORIES
London Resort reveals first look at upcoming theme park


London Resort Holdings Company (LRCH), operator of the upcoming London Resort theme park and entertainment destination in Swanscombe, Kent, has released new concept artwork showcasing the first phase of the 535-acre resort.
Paramount rejoins London Resort project as PY Gerbeau named new chief executive


Just over two years after pulling out of a deal to be the brand lead for a multi-billion pound theme park development in Kent, UK, Paramount Pictures has entered into a new partnership with London Resort Company Holdings (LRCH), re-engaging with the project to supply its iconic IPs.
ITV Studios reaches IP deal with upcoming London Resort project


London Resort Company Holdings (LRCH) has teamed up with ITV Studios on its multi-billion pound theme park project, announcing a new partnership that will see ITV's world-famous content transformed into unique attractions at the resort when it opens in 2024.
MORE NEWS
“We finally have a space worthy of our collection”: V&A launches huge new Photography Centre
Coronation Street experience gets investment ahead of reopening
The popular Coronation Street Tour in Manchester, UK, has been expanded into a brand new visitor attraction that will open to the public next month.
NWTO: Mountain tourism now accounts for up to 16 per cent of international tourist arrivals
Mountain tourism represents between nine and 16 per cent of all international tourist arrivals worldwide as people head for sport, health and wellbeing travel.
Vikings gather for TEA’s SATE Europe conference at Europa-Park
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Clip 'n Climb

Clip ‘n Climb currently offers facility owners and investors more than 40 colourful and unique Cha [more...]
instantprint

We’re a Yorkshire-based online printer, founded in 2009 by Adam Carnell and James Kinsella. [more...]
Painting With Light

By combining lighting, video, scenic and architectural elements, sound and special effects we tell s [more...]
RMA Ltd

RMA Ltd is a one-stop global company that can design, build and produce from a greenfield site upw [more...]
+ More profiles  
FEATURED SUPPLIER

How two water rides are creating refreshing adventures in Vietnam’s biggest theme park
Aiming to become a top entertainment destination in southern Vietnam for both domestic and international tourists, VinWonders Phú Quốc opened in 2021 as the biggest theme park in the country. [more...]
VIDEO GALLERY

Red Raion - Testimonial Richard Needham - SimEx-Iwerks Entertainment
Last July 7th, Red Raion took part in the opening event of FICO Eataly World, the Italian theme park dedicated to food - the only one worldwide! Find out more...
More videos:
+ More videos  

CATALOGUE GALLERY
+ More catalogues  
DIRECTORY
+ More directory  
DIARY

 

24-26 Oct 2023

ASEAN Pool & Spa Expo

IMPACT Exhibition Centre, Thailand
24-27 Oct 2023

Synergy - The Retreat Show

Palmaïa, The House of Aia, Playacar, Playa del Carmen, Mexico
+ More diary  
 


ADVERTISE . CONTACT US

Leisure Media
Tel: +44 (0)1462 431385

©Cybertrek 2023

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