A new report has shed light on some of the causes of the closure of Wet 'N' Wild's North East water park.
In the document, created after Wet ‘N’ Wild Enterprises Ltd went into administration in October with the loss of 69 jobs, joint administrators Toby Underwood and Ian Green, from PwC, said the company faced “liquidity issues” after it was unable to renew overdraft facilities with its bank.
It had also been under pressure after a judgment debt was obtained by the trustee in bankruptcy of a former director, now deceased.
A repayment plan was proposed by the trustee but the administrators said the company was not expected to generate sufficient funds to meet it.
This and other issues led to a threat of a winding-up petition from the trustee in bankruptcy.
Wet ‘N’ Wild Enterprises’ indoor water park at North Shields features ten slides, a wave machine and jacuzzis. When it opened in 1993, the company claimed it was the largest water park of its kind in the UK.
The sale of Wet ‘N’ Wild’s property and assets is being handled by Jones Lang LaSalle, which is in discussions with interested parties and is actively marketing the property.
One member of the firm’s maintenance staff and its director will continue with their duties as the company progresses through sales talks.
Expressions of interest in the property both as a water park and as a development opportunity have now come forward.
A security company has also been hired to tackle vandalism and rectify damages which have plagued the site since its closure.
North Tyneside Council owns the title to the property and the company occupies it under a long leasehold, with more than 100 years left to run on the lease.
The property agents have invited offers in excess of £500,000.
When the administration was first announced, Underwood said “the quieter winter trading period” meant there was no other option but to close the facility, despite the job losses.