Waterpark firm Wet 'N Wild Enterprises has collapsed into administration.
Toby Scott Underwood and Ian David Green of PricewaterhouseCoopers LLP were appointed as joint administrators of Wet ‘N’ Wild Enterprises Ltd (the “Company”) on Monday and are keen to find a buyer for the business.
The company operated an indoor waterpark in North Shields, Tyne and Wear and employed 69 staff.
When it opened in 1993 Wet ‘N’ Wild claimed to be the largest waterpark of its kind in the UK.
Toby Underwood, joint administrator and partner at PwC, said:
“Despite operating profitably for much of the year the business faced liquidity issues over the forthcoming months. The directors therefore had no option but to place the company into administration.
"Unfortunately, with the quieter winter trading period upon us we have had no alternative but to close the waterpark with immediate effect and make the majority of employees redundant. We will continue to maintain the waterpark whilst seeking a sale. Clearly we are very keen to hear from anyone with an interest in acquiring the business and assets, and would encourage parties to contact us as soon as possible.”