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NEWS
Marks Barfield heads to the Eye of the storm
POSTED 13 May 2004 . BY
The designer of the London Eye, Marks Barfield Architects, has accused the attraction’s investment partners – British Airways (BA) and Tussauds Group – of endangering the attraction’s long-term future by blocking a refinancing deal.

The originators and architects of the Eye, David Marks and Julia Barfield, have written to the CEOs of Tussauds and BA, stating their regret over the failure to refinance the London Eye Company, which owns the attraction.

The London Eye Company is equally controlled by the three partners.

Marks said: “Tussaud’s is blocking the Eye’s refinancing. At every turn, they have sought to gain overall control of the company we created. We will not allow that to happen, but Tussauds is now threatening the long term financial future of the Eye.”

He claims that future plans to develop the attraction are consequently now at risk and these claims threaten to overspill into an ownership argument of the Eye.

Although profit from the attraction before tax and interest was £12.8m in 2003, pre-tax losses were £10.9m while Tussauds also took four per cent of the revenue collected as an annual management fee to cover the attraction’s running costs – another contentious issue for Marks.

In his statement, Marks concluded: “We call upon Tussauds to bring an end to this posturing and stop standing in the way of a refinancing which would preserve the London Eye’s independence and integrity for the future enjoyment of Londoners and visitors.” Details: www.marksbarfield.com

MORE NEWS
Queen Elizabeth II to be commemorated by Thames' Illuminated River
Illuminated River, described as the world’s longest public artwork, will be lit in commemoration of the passing of Her Majesty The Queen, Elizabeth II.
Brad Pitt makes debut as sculptor at Finnish art museum
Hollywood superstar, Brad Pitt, has made his debut as a sculptor as part of British artist Thomas Houseago’s first ever exhibition in the Nordic countries.
World's longest and 'technologically advanced' zipline planned for Iceland
A 1km-long zipline offering riders speeds of 120km/h is set to open in Iceland later this year.
Triotech secures deal to supply rides for Puy Du Fou Asia's first Chinese attraction
Triotech has secured a deal to supply its interactive ride technology for the SAGA Experience, an immersive attraction being developed in the heart of Shanghai, China, by Puy du Fou Asia.
+ More news   
LATEST JOBS
Head of Visitor Experience
Hollow Rock
Salary: £62,000pa + Bonus potential of £20,000pa
Job location: Gibraltar, British Overseas Territory, Europe ,
Head of On-Site Visitor Experience
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Salary: £57,308- £63,676 per annum (depending on location)
Job location: Home-based with nationwide travel , United Kingdom
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+ More jobs  

COMPANY PROFILES
Red Raion

Founded in 2014, Red Raion is the CGI studio specialized in media based attractions. [more...]
IDEATTACK

IDEATTACK is a full-service planning and design company with headquarters in Los Angeles. [more...]
iPlayCO

iPlayCo was established in 1999. [more...]
FORREC Ltd

We create guest experiences others don’t, masterplan like no one else can, and give the world’s bi [more...]
+ More profiles  
FEATURED SUPPLIER

Attractions industry to reunite this September at IAAPA Expo Europe in London
For the first time in more than a decade, industry leaders from across the global attractions industry will once again gather in London as part of the annual IAAPA Expo Europe, the sector’s premier international event. [more...]
VIDEO GALLERY

Red Raion TV - Testimonial: Leolandia
When you work in the Attractions Industry, there’s nothing better than seeing that dreamy look in the eyes of the people who have just tried your attraction. Find out more...
More videos:
IAAPA Expo Europe Promo – International Association of Amusement Parks and Attractions (IAAPA)
Red Raion Showreel 2021 – Red Raion
Red Raion TV - Opening Event: FICO Eataly World – Red Raion
+ More videos  

CATALOGUE GALLERY
 

+ More catalogues  
DIRECTORY
+ More directory  
DIARY

 

27-29 Sep 2022

International Congress on Thermal Tourism

Ourense, Ourense, Spain
13 Oct 2022

VAC 2022

The ICC Birmingham, Birmingham, United Kingdom
+ More diary  
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©Cybertrek 2022
Jobs    News   Products   Magazine
NEWS
Marks Barfield heads to the Eye of the storm
POSTED 13 May 2004 . BY
The designer of the London Eye, Marks Barfield Architects, has accused the attraction’s investment partners – British Airways (BA) and Tussauds Group – of endangering the attraction’s long-term future by blocking a refinancing deal.

The originators and architects of the Eye, David Marks and Julia Barfield, have written to the CEOs of Tussauds and BA, stating their regret over the failure to refinance the London Eye Company, which owns the attraction.

The London Eye Company is equally controlled by the three partners.

Marks said: “Tussaud’s is blocking the Eye’s refinancing. At every turn, they have sought to gain overall control of the company we created. We will not allow that to happen, but Tussauds is now threatening the long term financial future of the Eye.”

He claims that future plans to develop the attraction are consequently now at risk and these claims threaten to overspill into an ownership argument of the Eye.

Although profit from the attraction before tax and interest was £12.8m in 2003, pre-tax losses were £10.9m while Tussauds also took four per cent of the revenue collected as an annual management fee to cover the attraction’s running costs – another contentious issue for Marks.

In his statement, Marks concluded: “We call upon Tussauds to bring an end to this posturing and stop standing in the way of a refinancing which would preserve the London Eye’s independence and integrity for the future enjoyment of Londoners and visitors.” Details: www.marksbarfield.com

MORE NEWS
Queen Elizabeth II to be commemorated by Thames' Illuminated River
Illuminated River, described as the world’s longest public artwork, will be lit in commemoration of the passing of Her Majesty The Queen, Elizabeth II.
Brad Pitt makes debut as sculptor at Finnish art museum
Hollywood superstar, Brad Pitt, has made his debut as a sculptor as part of British artist Thomas Houseago’s first ever exhibition in the Nordic countries.
World's longest and 'technologically advanced' zipline planned for Iceland
A 1km-long zipline offering riders speeds of 120km/h is set to open in Iceland later this year.
Triotech secures deal to supply rides for Puy Du Fou Asia's first Chinese attraction
Triotech has secured a deal to supply its interactive ride technology for the SAGA Experience, an immersive attraction being developed in the heart of Shanghai, China, by Puy du Fou Asia.
Tangled attraction among new additions revealed for Disneyland Paris Resort
A Tangled-themed family ride is among a range of new attractions revealed for the Walt Disney Studios Park at Disneyland Paris Resort, France.
Merlin takes over operations at UK's largest indoor waterpark
Merlin Entertainments has secured a contract to operate Blackpool Sandcastle, the UK's largest indoor waterpark.
+ More news   
 
COMPANY PROFILES
Red Raion

Founded in 2014, Red Raion is the CGI studio specialized in media based attractions. [more...]
IDEATTACK

IDEATTACK is a full-service planning and design company with headquarters in Los Angeles. [more...]
iPlayCO

iPlayCo was established in 1999. [more...]
FORREC Ltd

We create guest experiences others don’t, masterplan like no one else can, and give the world’s bi [more...]
+ More profiles  
FEATURED SUPPLIER

Attractions industry to reunite this September at IAAPA Expo Europe in London
For the first time in more than a decade, industry leaders from across the global attractions industry will once again gather in London as part of the annual IAAPA Expo Europe, the sector’s premier international event. [more...]
VIDEO GALLERY

Red Raion TV - Testimonial: Leolandia
When you work in the Attractions Industry, there’s nothing better than seeing that dreamy look in the eyes of the people who have just tried your attraction. Find out more...
More videos:
IAAPA Expo Europe Promo – International Association of Amusement Parks and Attractions (IAAPA)
Red Raion Showreel 2021 – Red Raion
Red Raion TV - Opening Event: FICO Eataly World – Red Raion
+ More videos  

CATALOGUE GALLERY
+ More catalogues  
DIRECTORY
+ More directory  
DIARY

 

27-29 Sep 2022

International Congress on Thermal Tourism

Ourense, Ourense, Spain
13 Oct 2022

VAC 2022

The ICC Birmingham, Birmingham, United Kingdom
+ More diary  
 


ADVERTISE . CONTACT US

Leisure Media
Tel: +44 (0)1462 431385

©Cybertrek 2022

ABOUT LEISURE MEDIA
LEISURE MEDIA MAGAZINES
LEISURE MEDIA HANDBOOKS
LEISURE MEDIA WEBSITES
LEISURE MEDIA PRODUCT SEARCH
ATTRACTIONS MANAGEMENT NEWS
ATTRACTIONS HANDBOOK
PRINT SUBSCRIPTIONS
FREE DIGITAL SUBSCRIPTIONS