The Kuwaiti backers of The London Resort, London Resort Company Holdings, may pull the plug on the £3.2 billion Kent theme park.
The ambitious project was billed by some as Britain’s answer to Disneyland. A television and movie-themed park was set to be built on the Swanscombe Peninsula between Gravesend and Dartford. As Blooloop reported when the park was announced, back in 2102, it was backed by Paramount. The park would feature rides based around Paramount blockbusters such as Mission: Impossible and Star Trek. However the studio pulled out of the project back in June. The project in its most recent incarnation revealed its new logo.
The Evening Standard reports that the London Resort Company Holdings (LRCH) may also be getting cold feet. They will put the brakes on the project if it doesn’t manage to attain planning permission next year. LRCH is owned by Abdullah Al-Humaidi’s Kuwaiti European Holding Entertainments (KEHE). Its parent company, KEHC, was set up in 2008 to invest in European assets. Five years later it acquired Ebbsfleet United football club.
Planning not certain
London Resort Company Holdings is expected to apply for planning permission in spring 2018. The theme park had plans to premiere in 2023 and would comprise a water park, theatre, nightclubs and more than 3,500 hotel rooms, alongside the theme park.
However the company’s accounts to December 31st 2016 includes the following statement: “should the planning application be unsuccessful the directors would seek to cease trading”.
It is by no means certain that planning will be granted. Although the project was set to create around 27,000 jobs, it has met opposition from locals.
Neither London Resort Company Holdings nor KEHE showed any revenue last year. However KEHE had considerable costs – £12.1 million, albeit down from £14.4 million in 2015. This brings its total net liabilities to £45.2 million. This is owed to Al-Humaidi’s Kuwaiti-based investment vehicle KSC.