“UK Disneyland” Developers Declared Insolvent

It was coined the UK’s Disneyland from the moment it was announced. For nearly five years, the dreams of a massive new Theme Park in South England were kept alive. But those dreams are less likely to come true.

First announced in 2019, the still-officially-unnamed Theme Park was going to consist of six themed lands spread across 535 acres on the Swanscombe Peninsula near Dartford in Kent, carrying an estimated price tag of £3.5billion and the goal of opening in 2024. However, several problems now stand in the way of the Park’s builders.

Last year, we at Disney Fanatic reported that Theme Park developers London Resort Company Holdings (LRCH) were forced to scrap their initial plans after their choice spot was zoned as a Site of Special Scientific Interest. So, back to the drawing board to conceive of a much smaller Park. But, new reports show that the dream of a “UK Disneyland” has drawn up a lot of debt.

Read More: Environmentalists Stop ‘UK Disneyland’ From Constructing on Protected Habitats

An LRCH spokesperson confirmed that the company has accumulated £ 100 million in debt and called in administrators to conduct financial restructuring via a Company Voluntary Administration (CVA).

“LRCH has taken the logical and sensible step of launching the CVA proposal. “We’ve spoken to many of our creditors who are very happy to support the initiative, which would see their debts converted into shares. Many millions have been invested into the Swanscombe Peninsula over the last decade and there remains a fantastic opportunity to bring forward exciting proposals.”

According to gov.uk, when a company files a CVA, it is essentially a declaration of–and a safeguard against–insolvency: “If your limited company is insolvent, it can use a Company Voluntary Arrangement (CVA) to pay creditors over a fixed period. If creditors agree, your limited company can continue trading.”

“This CVA process safeguards everyone’s position and provides an opportunity for a financial return to creditors in the long-term,” the spokesperson added.

Related: Eurostar Announces End of Direct-to-Disneyland Service After 25+ Years

But despite losing its ideal location, and falling into massive financial issues, the developers are still not giving up on their dreams to bring this exciting Theme Park to the United Kingdom. At least, for now.

It should be noted that while the project is nicknamed “UK’s Disneyland,” it is not associated in any way with Disney Parks, Experiences, and Products, or any other aspect of The Walt Disney Company.