Breaking - Council Hands Dreamland to Offshore Investors

The troubled operator of Margate’s Dreamland Amusement Park, Sands Heritage, which went into administration last month, has been loaned £600,000 by an  offshore investment fund, Arrowgrass Master Fund Limited. According to a document posted on the Companies House website today, Arrowgrass will loan Sands Heritage £600,000 to help it  pay off its creditors (£2.9 million  is owed by Sands). In exchange Arrowgrass will  place a charge on the 100 year lease agreement for the Dreamland  Amusement Park. In the event that Sands defaults  on its repayment Arrowgrass  will own the Dreamland lease to dispose of as it likes.

Former Thanet Councillor, Ian Driver said "By agreeing the leasehold charging order with Arrowrgass Thanet Council is now swimming in the murky waters of international offshore finance which are well known to be full sharks. This was a very bad decision which could result in Thanet Council losing control of the  Dreamland  site to a secretive offshore investment company  motivated purely by maximising returns on its investments. Thanet  Council and its taxpayers are likely to have to pay a very heavy price for supporting this deal. It's now becoming clear that the Dreamland project whilst well intentioned was a mismanaged disaster which has cost council taxpayers at least £7million. There should be immediate independent investigation into what went wrong along with some overdue resignations"

It should be noted that the last time Thanet Council became involved with offshore investors was SFP Ventures who were based in the British Virgin Islands. They wanted to build  luxury flats and  a hotel on the Ramsgate Pleasurama site. 14 years later???

UPDATE PLEASE SEE MY LATEST DREAMLAND POSTING 


http://thanetgreencouncillor.blogspot.co.uk/2016/06/dreamland-crisis-betting-on-failure.html