Dreamland enters trading administration.

The Save Dreamland Campaign was launched by Joyland Books in January 2003 and is now supported by several thousand people. This is the place to discuss all aspects of saving Margate's famous amusement park and its iconic , Grade II listed Scenic Railway, Britain's oldest roller coaster.

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Re: Dreamland enters trading administration.

Postby kevin » 02 Jun 2016, 10:49

According to the Dreamland website today:-

Due to adverse weather conditions there will be limited ride availability today (Thursday 2nd June). We are sorry for any inconvenience caused but customer's safety is our primary concern. Existing ticket holders can use their tickets to come back on any other day in the season (until Sunday 4th September) or alternatively guests can gain entry to the Amusement Park for £10 today.
Why not experience Dreamland Undercover; the Roller Disco and Diner, Amusement Arcades, Dreamland Emporium, Morellis Ice Cream Parlour and the Octopus's Garden which are open every day or visit the Only Fools and Horses Exhibition in the Ballroom - here at Dreamland every day until Sunday 5th June.


According to the Met Office weather forecast for today:-

A cloudy start to the day with a little drizzle in places, but it should gradually brighten up through the morning with some sunny spells developing, especially in the west. Maximum Temperature 18 °C.


...they can't even be bothered.
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Re: Dreamland enters trading administration.

Postby smilerbaker » 02 Jun 2016, 10:59

I guess in english that mean, we haven't paid any of our staff so they haven't turned up, oooops
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Re: Dreamland enters trading administration.

Postby kevin » 02 Jun 2016, 11:13

Nice one!
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Re: Dreamland enters trading administration.

Postby Bob » 02 Jun 2016, 12:58

Sadly I cannot see Dreamland surviving. All the assets have already been stripped out of the business so what you are left with is a totally non viable business. The facts we know is Dreamland had debts of £3M when it went in to the CVA in December. Since them its debts have increased by another £2M now given most of the start up costs have dropped out of at least £1M over the 12 months. Remember the current period have cover mainly the winter and spring. The £2M is way above the loss for that period which was in the CVA business plan. Clearly they would do a bit better in the summer but nowhere near like the numbers plugged into the business plan. Remember as well this is just the trading loss and takes no account of the accumulated debt
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Re: Dreamland enters trading administration.

Postby Bob » 11 Jun 2016, 16:46

Time is fast running out for Dreamland with no buyers on the horizon. The administrators will not give it much longer the money that is left is fast ruuning out. If no buyer is found by the end of the month Sands Heratige will be wound up and Dreamland closed. Sadely the debtors and that included thoe who have purchased seson tickets are unlikely to get anything back at all

From the start of the CVA until it went into adminstation Dreamland lost a further £2M which is a very high operting loss considering most of the start up osts had dropped out. No one come out of the will TDC, SAnds HEratige and THe Dreamland Trust. In fact the Dreamlnd TRust appear to have been totally silebt on this
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Re: Dreamland enters trading administration.

Postby kevin » 12 Jun 2016, 12:12

If no buyer is found by the end of the month Sands Heratige will be wound up and Dreamland closed.


The administrators involved were recently involved with Fantasy Island in Ingoldmells. I am sure that remained open for far longer before it was bought by Mellors?
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Re: Dreamland enters trading administration.

Postby Bob » 12 Jun 2016, 16:49

The administrators do not put funds into the business. They can only work with the capital available within the business once that's gone then the business has to be wound up the administrators cannot allow an insolvent business to continue to operate

Fantasy Island is still currently in administration although Mellors are in the process of buying it



Having looked at the administrators report for Fantasy Island the business during administration was operating profitably(This ignores accumulated debt) So it appear the underlying business was viable/. With Dreamland the underlying business during the CVA was loosing over £200,000 a month so the underlying business does not appear to be viable
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Re: Dreamland enters trading administration.

Postby smilerbaker » 20 Jun 2016, 15:38

smilerbaker wrote:well I think its more a case of TDC strike again, back handers and dodgy deals and once again thanet lose out. save dreamland is needed now more then ever, but I fear its all too late

I'll wager one of the major creditors will be sands / sands owners and they will block any meaningful bids, so many questions, the biggie being can the council wrestle the lease back now



And BOOM there it is, what did I say? out of the fire comes the phoenix, honest mate, my other company has first dibs

PLEASE wake up people, before its too late (probably already is) Sands is screwing everyone over, and laughing at you all (tdc, creditors etc)

TDC have given dreamland to another, arguably more intelligent, jimmy godden.
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Re: Dreamland enters trading administration.

Postby Bob » 20 Jun 2016, 21:23

It gets even more interesting it looks as if Sands have borrowed £600,000 presumably against the sub leased on the Dreamland site. The loan appears to have come from a company called Arrow Grass Master funds. The company is registered in the Cayman Island. This loan probably buy Dreamland a few months breathing space. It had been burning through cash at about £220,00 a month but that may reduce during the summer. In my view the underlying business still looks to be a basket case but my previous thoughts that it would be wound up by the end of this month are now likely to be incorrect. The £600,000 should keep them going to about September
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Re: Dreamland enters trading administration.

Postby smilerbaker » 21 Jun 2016, 06:49

slightly naive post there bob! the 'loan' was only ever on paper so sands can keep hold of the lease even though they have gone bust, classic phoenix company, sands get rid of all there debts but the guy at the top still keeps hold of the assets.

I'd wager the 600k went straight to another sands owned / run company to pay a 'debt' owed to them, like management fee's or director bonuses

All those poor sods who agreed to the CVA and gave sands time to screw them over are the real losers here

I love eddies comment in the Thanet Gazette, 'some people said we wouldn't last a year' errrrrmmmm you didn't
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Re: Dreamland enters trading administration.

Postby Bob » 21 Jun 2016, 09:36

The transaction took place when Sands was in administration so they could not do that without the consent of the administrators. At best it is only delaying the inevitable

I wonder how many will renew their season tickets for Dreamland when they expire, I suspect very few. The Dreamland web site also hides away in my view the fact that they are in administration. This could lead to people buying season passes without full knowledge of ~Dreamland situation and in fact many be in breach of the Consumer Rights Act 2015
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