December 5 2013 Latest news:
Tuesday, September 24, 2013
Theme-park bosses have assured customers that the sale of its lease and land will have no bearing on operations.
The freehold at Pleasurewood Hills went under the hammer at Andrew Scott Robertson auctioneers in London yesterday but its asking price was not met. It is hoped for further interest in the coming days.
The site, between Lowestoft and Great Yarmouth, is currently let to Pleasurewood Hills Ltd – part of global private equity investment firm HIG – on a 25-year lease until May 2025 at an annual rent of around £140,000, just over half of which is payable to Waveney District Council under a 99-year lease agreed in 1980.
General manager Alexis Camelin said: “Pleasurewood Hills is not for sale as a business nor is it for sale as a theme park. The investment opportunity presented by the sale of the free hold and the takeover of the head lease (lease hold) reside in the rent payable by Pleasurewood Hills to the landlord. Since the Looping Holding Group took over in 2011, heavy investment has taken place in refurbishment and in numerous new attractions.
“This is only a start with further investment and new rides being part of the 2013/14 winter plan, in time ready for the 2014 season.”
The theme park celebrated its 30th anniversary this year, and has recently completed a turnaround in finances from a £660,480 loss to £67,222 profit.
Great Yarmouth MP Brandon Lewis has hailed the town’s growing significance as an energy hub after the arrival of a new offshore business bringing the promise of 100 jobs over the next three years.