Sat, 19 Oct 2013 | ADMINISTRATION
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."
____________________________________________________________________________
Related articles:
Now is the time to buy a business
Businesses in administration
This high-class restaurant in South Yorkshire is a rare opportunity, featuring a prime city-centre location and a vibrant, elegantly designed interior.
LEASEHOLD
This well-established stoves and cookers business in East Sussex offers a tastefully organised setting with spacious showrooms, a large office, and nearby warehousing featuring excellent facilities like a forklift.
LEASEHOLD
This well-established mechanical, plumbing, and electrical contracting and maintenance business boasts an exceptional reputation, having operated for around 50 years with a focus on the education and health sectors.
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.