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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
Excurio and The Muséum National d'Histoire Naturelle create evolutionary VR experience
Virtual reality creators Excurio has teamed up with experts from The Muséum National d'Histoire Naturelle to create Life Chronicles London, a free-roaming VR experience.
The Park Playground opens first immersive VR franchise in Porto
The Park Playground, has opened its first Immersive VR franchise in Porto, Portugal.
Bridgerton Season three – most Instagrammed locations
Following the release of season three Of Bridgerton, a study reveals its ten most Instagrammable filming locations.
Getty Museum refuses to surrender prized Greek bronze to Italy
The European Court of Human Rights has recognised Italy’s claim to a prized Greek antiquity.
+ More news   
LATEST JOBS
General Manager - Snowdon Mountain Railway
Heritage Great Britain
Salary: c£70,000 + benefits + relocation support
Job location: Snowdonia, North Wales , United Kingdom
+ More jobs  

COMPANY PROFILES
Red Raion

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

Our services include: Dark ride design & build; Redevelopment of existing attractions; High-quality [more...]
Alterface

Alterface’s Creative Division team is seasoned in concept and ride development, as well as storyte [more...]
Taylor Made Designs

Taylor Made Designs (TMD) has been supplying the Attractions, Holiday Park, Zoos and Theme Park mark [more...]
+ More profiles  
CATALOGUE GALLERY
 

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DIRECTORY
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DIARY

 

03-05 Sep 2024

ASEAN Patio Pool Spa Expo

IMPACT Exhibition Center, Bangkok, Thailand
03-08 Sep 2024

Spa Peeps International Corporate Cruise

Cruise London, Amsterdam, Zeebrugge, United States
+ More diary  
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Jobs    News   Products   Magazine   Subscribe
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
Excurio and The Muséum National d'Histoire Naturelle create evolutionary VR experience
Virtual reality creators Excurio has teamed up with experts from The Muséum National d'Histoire Naturelle to create Life Chronicles London, a free-roaming VR experience.
The Park Playground opens first immersive VR franchise in Porto
The Park Playground, has opened its first Immersive VR franchise in Porto, Portugal.
Bridgerton Season three – most Instagrammed locations
Following the release of season three Of Bridgerton, a study reveals its ten most Instagrammable filming locations.
Getty Museum refuses to surrender prized Greek bronze to Italy
The European Court of Human Rights has recognised Italy’s claim to a prized Greek antiquity.
Merlin unveils record-breaking Hyperia coaster at Thorpe Park
Merlin Entertainments has launched its new Hyperia rollercoaster at Thorpe Park to celebrate its 45th year.
Second Chaos Karts launches in Dubai
Live action video game experience Chaos Karts has launched in a 15,000sq ft arena in Al Quoz, Dubai.
+ More news   
 
COMPANY PROFILES
Red Raion

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

Our services include: Dark ride design & build; Redevelopment of existing attractions; High-quality [more...]
Alterface

Alterface’s Creative Division team is seasoned in concept and ride development, as well as storyte [more...]
Taylor Made Designs

Taylor Made Designs (TMD) has been supplying the Attractions, Holiday Park, Zoos and Theme Park mark [more...]
+ More profiles  
CATALOGUE GALLERY
+ More catalogues  
DIRECTORY
+ More directory  
DIARY

 

03-05 Sep 2024

ASEAN Patio Pool Spa Expo

IMPACT Exhibition Center, Bangkok, Thailand
03-08 Sep 2024

Spa Peeps International Corporate Cruise

Cruise London, Amsterdam, Zeebrugge, United States
+ More diary  
 


ADVERTISE . CONTACT US

Leisure Media
Tel: +44 (0)1462 431385

©Cybertrek 2024

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