Wet 'N' Wild Enterprises Ltd has gone into administration. The water park, in North Shields, opened in 1993.
“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 water park with immediate effect and make the majority of employees redundant. We will continue to maintain the water park whilst seeking a sale."
More top news
Do you know someone who should represent ITV Tyne Tees at the Daily Mirror Pride of Britain Awards in London?
PM announces funding will be made available for a memorial dedicated to the victims of last week’s terrorist attack in Tunisia
England beat Germany 1-0 after extra-time to finish third in the Women's World Cup.