Wet N Wild, a family attraction in North Shields, North Tyneside, has been placed into administration, with a buyer sought.
The site has stopped trading until further notice and most of the 69 employees have been made redundant. Toby Scott Underwood and Ian David Green of PricewaterhouseCoopers have been brought into manage the affairs and seek a buyer for Wet ‘N’ Wild Enterprises Ltd.
The business had been trading well but faced “liquidity issues over the forthcoming months”. With quieter trading expected over the winter months the administrators decided the best course of action was to close the site and let the staff go.
Mr Underwood said: “We will continue to maintain the waterpark while seeking a sale.
“Clearly we are very keen to hear from anyone with an interest in acquiring the business and assets, and would encourage parties to contact us as soon as possible.”
Wet N Wild first opened its doors in 1993, and was the biggest indoor water park in Britain featuring several pools and slides including the Kamikaze, with an 80ft drop.
Comments on social media websites about the situation revealed that locals found the park over priced and lacking in hygiene, but had hopes for its future.
Chronicle Live quoted model Abi Hill, who said: “Hopefully someone will buy it, renovate it and reopen it with a more realistic price tag. It would probably take a lot of investment and clever planning, but there’s nothing really similar nearby to compete with so it has the potential to be profitable."
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Businesses in administration