THE huge theme park which was dubbed the "UK's Disneyland" has been forced to call in administrators after racking up huge debts.
The London Resort first announced plans to build a huge £3.5billion theme park back in 2019.
The six-land theme park hoped to open by 2024 on the Swanscombe Peninsula near Dartford in Kent across 535 acres.
However, it has since run into a number of problems since the plans were submitted.
This included Natural England’s decision to designate the land as a Site of Special Scientific Interest (SSSI) after a number of rare species were confirmed to be in the area, including a tiny 1cm jumping spider.
Another complication included a new freeport at Tilbury which meant moving one of the ferry terminals from Tilbury to Grays.
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After the plans for the park were withdrawn last year, with the park planning to be significantly smaller, London Resort Company Holdings (LRCH) has since called in financial administrators, Kent Online reports.
An LRCH spokesperson confirmed they were called in after racking up £100million in debt.
The company is to enter a financial restructure through a Company Voluntary Administration (CVA).
A spokesman for LRCH said: "LRCH has taken the logical and sensible step of launching the CVA proposal.
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"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.
"This CVA process safeguards everyone’s position and provides an opportunity for a financial return to creditors in the long-term."
Despite this, LRCH says the project is still ongoing, with new proposals for the development to be submitted later this year.
Original plans for the park included six lands, as well as a waterpark, shopping district and three lands.
It was to be three times larger than any other UK theme park, equivalent to 136 Wembley Stadiums, and was the biggest investment in Europe since Disneyland Paris in 1992.
Both the BBC and ITV had plans to be part of the lands, which included Doctor Who, Top Gear and Sherlock, although pulled their interests following the SSSI designation.
In the meantime, a tiny UK theme park which has the oldest rollercoaster in the country is reopening next month.
And here are the best theme parks in the UK.
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