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Dreamland struggles to clear £3m debts

Dreamland has been plagued by problems Photo:

Managers of the Dreamland vintage amusement park at Margate have confirmed they're struggling to clear debts understood to be almost £3m.

The ambitious Dreamland project has been plagued by problems and it appears they are far from over.

Its restoration as a vintage amusement park - financed mainly with grant from the Heritage Lottery Fund - led to a grand reopening in June.

But it wasn't as grand as it could have been: the star of the show, the iconic scenic railway wasn't ready.

Today Dreamland has confirmed that it's applied to the High Court for what's known as a Voluntary Arrangement to clear debts of £2.9m.

An agreement like this gives companies in trouble the ability to continue trading while debt is settled.

The agreement - yet to be approved - proposes that creditors receive just over £900,000 by the end of the year and the balance within five years.

In a statement to Meridian, the company running Dreamland says the arrangement would enable it to "draw a line raw a line on a series of delays and late investments that have hindered our intentions to provide the best all-round experience for all of our visitors.

"We are grateful to all of our creditors for their understanding, support and patience and we look forward to continuing to develop fruitful relationships with them and adding to Thanet's tourism industry."