Administrators have been called in to deal with the finances of Fantasy Island - one of the East Coast’s major family theme park resorts.
However, ’the business will continue to operate as usual while the Administrators review the Company’s financial position and no job losses are expected among permanent staff and the seasonal temporary expansion of the payroll during the summer holiday season will continue as usual’, say Paul Clark and Ben Wiles, Managing Directors of London based Duff & Phelps administrators.
The premier global valuation and corporate finance advisors were appointed Joint Administrators to Conduit Skegness Limited (the company which owns Fantasy Island) and associated group trading companies on Monday, August 4, 2014.
In a statement Duff and Phelps Administarators said: “Conduit Skegness owns the 41-acre freehold property in Skegness, Lincolnshire, from which it operates Fantasy Island, the family resort including theme park rides, Europe’s largest permanent seven-day market and 340 static caravan park pitches.
The Administrators will evaluate the prospects of the various businesses before engaging with any parties interested in acquiring the business, its land or any assets, although registrations of interest are welcome.”
Paul Clark, Joint Administrator, commented: “Fantasy Island is an important leisure destination that attracts up to 40,000 visitors a day. As we head into one of the busiest months of the year it is very much business as usual and customers should be assured that this will not impact their experience, whether they are visiting the rides, market or one of the shows.
It’s also important for employees to know that their jobs will not be impacted during these busy summer months and we look forward to working with the team.”
East Lindsey District Council Portfolio Holder for Economic Development, Coun Craig Leyland, said: “It’s always disappointing when a business finds itself in financial difficulty. Fantasy Island is an important visitor attraction for Ingoldmells and the wider District and we hope the administrators are able to find a way forward that secures the future of the site and jobs long term. We’re pleased the administrators have confirmed that Fantasy Island remains open as normal during the administration process and that no job loses are to be expected at this time.”