A theme park in Skegness, UK, has been put up for sale after entering administration in August last year.

Fantasy Island, which at its peak can attract 40,000 visitors a day, has debts totalling £53.3m (US$80.1m, €73.2m). The park, which first opened in 1995, is also home to what it calls “Europe’s largest seven-day market” and contains 340 static caravan homes.

Administrator Duff & Phelps has started sale proceedings on the park, which has continued trading over the summer season, sending letters out to interested parties.

"I advise that we have now begun the process of marketing the business for sale. Unfortunately, a likely time frame for the proposed sale cannot be provided at this time,” said the letter from Duff & Phelps’ Benjamin Wiles.

"It should be noted that any licence agreement that is entered into with the companies will remain in force for the next year and will be accounted for as part of the transaction."

When the park was placed in administration, Fantasy Island promised to continue to “operate as normal” and said that no job losses were expected.