A meeting has been called for August 4 by administrators Duff and Phelps, after the firm entered into a voluntary arrangement last December after going into serious debt. Whilst Dreamland has continued to trade it has also continued to run up debt
It is believed the administrators have been looking into various options, which include compulsory liquidation, a creditors' voluntary liquidation, the return of the firm to the control of the directors and dissolving the company. One of the favoured options appears to be putting up the site for sale.
Not sure how they can sell the site as my understanding is that Thanet Council own the Freehold and the lease was sold onto company in the Cayman Islands in return for £600,000. The chances of Dreamland surviving appear to be about Zero, Few firms survive a CVA let alone a CVA followed by administration. They now have about £6M of debt. They may be making a small profit in July & August but that cannot keep them going over a year nor can it repay the debt. It will be a big blow for the creditors but getting a few pence in the pound back will be better than nothing and in any case Dreamland looks to run out of money by year end in any case
We will have a better idea of what will happen after the creditors meeting. Give the dire financial state of Dreamland I think closure is the only option the Administrators can offer