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
Emma Jesson brings you Sunday night's forecast
Wet and windy spells, interspersed with drier interludes this week. Breezy with wintry showers, variable temperatures and a weather warning
Mostly cloudy, some bright spells, rain on and off and blustery. Milder temperatures than on Saturday