Wet ‘N’ Wild Enterprises Ltd, which went into administration in October 2013, has been acquired by leisure operator Moirai Capital Investments..
Property consultants JLL, acting on behalf of administrators PwC, have sold the North Shields-based indoor waterpark, which employed 69 staff, for an undisclosed sum.
Moirai Capital now intends to carry out a comprehensive programme of upgrading and refurbishment prior to the water park re-opening to the public in July 2014.
Toby Underwood, joint administrator at PwC, said: “We are delighted to have successfully completed the sale of Wet ‘N’ Wild to Moirai Capital.
“To have found an operator that intends to invest in and re-open the water park, and therefore generate jobs in the process is a great result.
“The deal achieved has also secured a good outcome for creditors of the company, while preserving an important local facility.”
Martin Barber, chairman of Moirai Capital, said: “We were attracted to this facility by the sheer potential offered and we are now to commence with a comprehensive upgrade and refurbishment prior to re-opening.
“Together with our experienced operating partner, we can once again make this a leading all-weather visitor destination in the North East region.”
Occupying a prime position adjacent to Royal Quays Retail Outlet Centre and the Port of Tyne ferry terminal, close to the A19 Tyne Tunnel, the 2.54 acre site is readily accessible from across the North East.
When it opened in 1993, Wet ‘n’ Wild claimed to be the largest water park of its kind in the UK, featuring 10 slides, a wave machine and several jacuzzis.