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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
Sony Pictures to launch immersive Wonderverse entertainment destination
Sony Pictures is set to launch an immersive indoor entertainment park at Oakbrook Center in Chicago in December, featuring escape rooms, interactive exhibits, racing simulators, VR attractions, bumper cars and food and drink.
Tourism think tank explores gender equity and male allyship
At a recent think tank, The Tourism Society hosted a panel overseen by its first female chair, Alison Cryer MBE, to discuss the importance of male allyship in the travel and tourism industry.
Shenzhen art museum opens exhibition showcasing work of MAD Architects
Shenzhen Museum of Contemporary Art and Urban Planning (MoCAUP) has opened An exhibition which provides a retrospective of the research and practices of MAD Architects.
Timbaland, music producer to the stars, joins forces with Myndstream to co-create music that improves health and wellbeing
Timbaland, Platinum Grammy Award-winning music producer, who's worked with artists such as Jay-Z, Missy Elliott, Madonna, Rihanna, Justin Timberlake and Drake, has announced a partnership with health and wellbeing music provider, Myndstream.
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COMPANY PROFILES
Polin Waterparks

Polin was founded in Istanbul in 1976. Polin has since grown into a leading company in the waterpa [more...]
Simworx Ltd

The company was initially established in 1997. Terry Monkton and Andrew Roberts are the key stakeh [more...]
Red Raion

Founded in 2014, Red Raion is the CGI studio for media-based attractions. [more...]
QubicaAMF UK

QubicaAMF is the largest and most innovative bowling equipment provider with 600 employees worldwi [more...]
+ More profiles  
CATALOGUE GALLERY
+ More catalogues  
DIRECTORY
+ More directory  
DIARY

 

08-08 May 2024

Hospitality Design Conference

Hotel Melià , Milano , Italy
04-07 Nov 2024

Global Wellness Summit (GWS)

In person, St Andrews, United Kingdom
+ More diary  
 


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Tel: +44 (0)1462 431385

©Cybertrek 2023

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